Clear Harbor Outlook for 2025 Q2
In our 2025 Outlook a few months ago, we noted that the U.S. remains a relative bright spot within a decidedly mixed global macro backdrop. While significant economic data over the past three months continues to support this view, more recent signals have suggested important shifts on the horizon, sending market volatility rising and some major U.S. equity indices briefly into “correction” territory. While we welcome the measure of resilience markets have shown in some recent trading sessions, the anxiety investors have felt for weeks is hard to dismiss as the result of normal wariness over valuations, earnings or economic fundamentals. Instead, we must contemplate the possibility that we are witnessing the beginning of profound structural changes for markets, the world economy, and even the global political order.