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Bond markets questioning the longer-term fiscal credibility of developed western economics. Gold rose as the Fed cut rates while the ECB and BoE held steady. Portfolio gains came from gold, Asian equities, and Chrysalis’s Klarna IPO; AI exposure was trimmed amid market exuberance.

In July 2025, markets were shaped by President Donald Trump’s “One Big Beautiful Bill,”. Debt markets stayed steady while equities rallied, pushing the S&P 500 to fresh highs.

June proved to be a remarkably composed month for financial markets which continued their recovery in the wake of US President Trump’s “Liberation Day” sell-off.

Following the turmoil that gripped markets in April, largely driven by the surprise imposition of US "Liberation Day" tariffs, May saw equity markets recover lost ground.

Global markets were rocked in April as the Trump administration ratcheted up trade tensions between the US and the rest of the world, igniting fears of a slowdown in global growth.

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March continued the story of significant market turbulence, a feature of 2025 so far, as geopolitical and policy shifts, largely emanating from the US, drove a souring of sentiment and increased financial market volatility. In Washington, President Trump has continued to escalate trade tensions by drip-feeding announcements of new tariff plans. This haphazard approach has […]

The opening months of 2025 have underscored the transformational forces reshaping the global market trends of recent years. Hot on the heels of DeepSeek, a Chinese entrant to advanced AI models, February began with the announcement of yet another model, called S1, but this time developed by Stanford and Washington University researchers.  Designed to compete […]

The opening month of the year has been dominated by news from the US that has set the tone for global financial markets. Robust US macro data at the start of the month showed continued strong US jobs growth, accompanied by a decline in the unemployment rate and solid growth in earnings.

This Quarterly Report is designed to support our valued advisers and clients. It contains: A market review and key insights Performance reviews for each T. Bailey fund Portfolio highlights Asset allocations Views on various asset classes Our outlook for the next quarter We hope you find this report helpful and informative. You can download here: […]

Donald Trump’s decisive victory in the US presidential election significantly influenced the news in November and provided a boost to the US equity market. Although the specific economic policies that will be implemented remain uncertain until after his inauguration in January 2025, campaign promises to impose tariffs have raised concerns about inflation and the potential […]

The US economy continues to exhibit notable resilience, particularly in terms of consumer spending. Many consumers and businesses secured low interest rates during the pandemic, with fixed-rate mortgages serving as a prominent example, thereby mitigating the impact of current higher interest rates. Fiscal policy has been expansive, with the United States running a 6% budget […]