Is Trump Put Still There?

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In recent weeks, macroeconomic forces have exerted a far greater influence on equity markets than fundamental factors. This divergence prompts us to share our medium-term perspectives and observed structural shifts reshaping market dynamics

The recent sharp correction in the US equities could be attributed to many different catalysts. From the macro perspective, we have -

1. Growth scare/recession fear (key concern at the moment)

• DOGE affecting government spending

• Government shutdown risk

• Illegal immigrants leaving the labor market

2. Inflation risk