Key points
Interest rates
We think interest rates will settle at a higher rate than in the 2010s. This sets the foundation for solid fixed income returns over the next 10 years.
US economic resilience
Surging labour supply and increased productivity drove US growth in 2024. But new policy risks – like trade tariffs – could cool that growth in 2025.
Rising market tension
We’re cautious on equities. The US market has momentum but high valuations will drag down long-term returns.
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Vanguard economic and market outlook for 2025
Download the full report for our views on the macro environment and the outlook for bond and equity markets.
Summary of our 2025 outlook
Here are the key points to give you or your clients an overview of our outlook for 2025.
End-client outlook summary for 2025
A client-friendly version of our 2025 outlook summary for you to download and share.
Valuations snapshot
Get our latest insights on valuations across major regional bond and equity markets.
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Vanguard’s 2025 economic and market outlook
Webinar
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Dimitris Korovilas and Shaan Raithatha
Investment risk information
The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.
Important information
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The information contained herein is for educational purposes only and is not a recommendation or solicitation to buy or sell investments.
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© 2024 Vanguard Asset Management, Limited. All rights reserved.