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In May, markets rebounded thanks to a perceived de-escalation of trade tensions, particularly after the surprise suspension of certain tariff measures. Despite an uncertain climate, investors reacted positively to a “less bad” scenario, despite the contradictions in the Republican economic program.

Highlights:

• Markets calmed in May, but structural risks—like inflation, debt, and fiscal
  uncertainty—remain.
• Our base case sees an economic stagnation with the Fed on hold through 2026.
• We're underweight U.S. equities in favor of global markets and remain cautious on fixed income.

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.