This quarter saw a number of U.S. economic indicators weakening, while trade and tariff risks continued to add uncertainty to the economic outlook and financial markets. On the upside, the July 2025 IMF growth forecasts were revised up to reflect that global GDP is likely to rise by 3% in 2025 and 3.1% in 2026 after growing 3.3% in 2024.

In case you missed our Q2 update, you can check it out here.