As the year turned, the International Monetary Fund had revised US growth expectations upward and investors were looking forward to the wind in their sails, with returns elevated by tax cuts and deregulation promised by the new administration.
As I write, the S&P 500 is down almost 5%, posting its worst quarterly performance since 2022.
How are investors responding? In aggregate, global fund flow data does not show a rush for the exits – so far.
US stocks see ‘worst week in five years’ as Trump’s tariffs set markets on fire
Over Q4 2024, ETF investors were far more bullish on US…
