道富环球：2026年全球市场展望报告：前瞻布局 聚焦核心（英文版）

Notwithstanding the headlines and uncertainty surrounding the initial tariffs announcement earlier in 2025, our base case that such levies would neither cause a recession nor have an outsized impact on inflation has largely played out. The US, and global, economies are set to enjoy continued growth in the coming year, albeit growth that is accompanied by a continuing sense of anxiety. With most of the easing cycle globally behind us, and as central banks move closer to assumed neutral rates,