Bruce Kasman is joined by Joe Lupton to discuss how the global expansion remains on solid footing for now. According to this week’s January surveys, the firming in global industry late last year looks to have continued into 2025. However, US policy churn—including an unexpected trade war on its closest trading partners—has increased uncertainties that are likely to be a new headwind, particularly on business spending. US fiscal policies are limited by already elevated deficits, adding to concerns of sustainability.

This podcast was recorded on February 7, 2025.

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