2025 Mid-Year Market Outlook Resource Center

2024 was a banner year for risk assets, but the rising tide did not lift all boats equally.

Coming into the year, we were bullish on the market: we expected rate cuts to be forthcoming, inflation to continue its path towards the Fed’s 2% target, and expected continued economic growth. Now, halfway through the year, most of these expectations remain unchanged. However, we are increasing our target for the S&P 500.