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The past year has ended up being far more resilient to many of the prevailing economic headwinds than we had feared it might be. The shifting consumption patterns, structurally tight labor market, and strong private sector balance sheets with debt that has been locked in at low rates have helped boost consumption and moderate inflationary pressures. As “the year of testing resiliency” came to a close, many may have wondered what to expect in 2025. In this Economic Outlook, Macro Analyst Richard de Chazal sees U.S.

Opportunities have increased significantly in frontier markets debt as more countries have made a conscious effort to open their capital markets to international investors and currencies have become more fairly valued. As a result, the time may be the right for an allocation to frontier markets debt through a dedicated strategy. In this paper, we take a closer look at both the potential benefits a frontier debt portfolio can add to an investor’s portfolio, discuss our investment process, and explain how the risks inherent in this asset class can be handled.

Invoking emergency powers due to the stated “threat posed by illegal aliens and drugs,” President Trump implemented a 10% tariff on imports from China, a 25% tariff on imports from Mexico, and—perhaps most surprisingly—a 25% tariff on imports from Canada (except for Canadian energy imports that receive a 10% tariff). These tariffs are sending shockwaves through financial markets both in North America and around the globe as investors reevaluate their portfolio positioning and investment strategies. In the short-term, risks are heightened.

With the return of the Trump administration, observers expect meaningful changes in political direction and economic and tax policy, but specifics and timing are unknown. Given the degree of uncertainty, investors should remain diversified and focus on both risk and liquidity management. Within private equity, deals that emphasize operational improvement may be better positioned than those focuses on leverage and financial engineering. As the Trump agenda takes shape, a thoughtful balance of caution and opportunism will be key.

The private equity market is navigating through a period of volatility, driven by inflationary pressures, rising interest rates, and geopolitical uncertainties. While some regions, such as North America and Asia-Pacific, remain confident in the face of these challenges, others, particularly in Europe, are more cautious.

Cybercrime has become more advanced over the years, but the level of sophistication could take a quantum leap forward with the explosive growth of generative artificial intelligence (AI) that can easily mimic a real person’s voice or create a scam website that looks exactly like a real one. The threat is keeping security professionals up at night.

Across the United States, coverage for homes, autos and valuable collections have increased at a double-digit pace. In states that have experienced multiple disasters, particularly Florida and California, affluent homeowners have seen premium increases of at least 20% and higher. Others must scramble to find any coverage as carriers continue to pull back—or completely tap out—from the most disaster-prone regions.

With rising property and casualty premiums and reduced insurance availability, many U.S. homeowners have either chosen to self-insure their homes or have been given no other viable choice. This trend includes an increasing number of affluent families with high-luxury homes in areas prone to wildfires, extreme weather, and other catastrophic events.

How far can artificial intelligence (AI) go in the financial reporting ecosystem? Is the vision of an interconnected ecosystem, with value-added and predictive insights, a near reality or still a far-off aspiration? The research conducted among 1800 financial reporting executives across major economies around the world shines a new light on those questions—and finds that we are standing on the cusp of genuine financial reporting revolution: moving from the ‘digital age’ to the ‘AI age’ in which nothing will ever be quite the same again.

In a month when couples are known to come together to engage in lavish displays of affection, the new U.S. President did the opposite. On February 2nd, he signed a executive order levying steep tariffs on Mexico, Canada, and China. The announcement sent shock waves around the world and roiled financial markets. The next round of tariffs could be significantly higher. The problem is that the economic research on protectionism, of which tariffs are a key aspect, reveals that the costs outweigh the benefits.