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The U.S. economy has outperformed most of its peers in recent years, leading to the emergence of the term “U.S. exceptionalism” as a carry-all concept for everything from the government’s ability to inflate its public debt to the expensive valuation of its stock market.

Highlights:

• Despite growing fears of an American recession in 2025, we believe that the world's largest economy is in the middle of a normalization process.
• Recent yield curve movements suggest investors are doubtful of the Federal Reserve's ability to achieve a soft landing.
• The honeymoon between Kamala Harris and American voters continues, but the electoral college still favors Donald Trump. The most likely scenario is a divided government.

Your experts   Sébastien Mc Mahon, MA, PRM, CFA Chief Strategist, Senior Economist and Vice-President, Asset Allocation & Portfolio Manager Follow Sébastien Mc Mahon on          Alex Bellefleur, MA, CFA Senior Vice-President, Head of Research, Asset Allocation     Tuyen Tran, M.Sc., CFA Senior Analyst, Asset Allocation and Economics

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"iAGAM" is a tradename under which iA Global Asset Management Inc. and Industrial Alliance Investment Management Inc. operate.