摩根大通：2026年长期资本市场假设：指导投资组合规划的分析报告-第30个年度版本（英文版）

In the 30th edition of our Long-Term Capital Market Assumptions (LTCMAs), we explore how shifting economic landscapes, marked by rising economic nationalism and fiscal activism, create both challenges and silver linings for investors. • Labor constraints weigh on U.S. trend growth, modestly narrowing the U.S. vs. rest of world growth advantage, but do not preclude cyclical economic strength or solid asset returns. We expect investment to be front-loaded and believe technology adoption will pr