Macro Insights Weekly - US elections and the 2025 macro narrative

After record breaking campaign spending and considerable drama, the US presidential elections take place. Is the 2025 US macro outlook heavily dependent on the outcome? We don't think so.
The near-term outlook is favourable with 2%+ growth and dissipating goods inflation.
But behind the cyclical comfort lies major structural challenges.
From fiscal to trade, dollar to China, the US faces major policy decisions.
Social cleavages run deep along partisan lines in the US.
But we suspect that lack of larity on economic policies is bipartisan.