The Monthly Review: N.5 2025

In the May 2025 issue of Il Punto Mensile, Michele De Michelis analyzes the positive performance of U.S. equity markets, driven by a surprisingly strong earnings season but hindered by an atmosphere of uncertainty fueled by Donald Trump's political maneuvers. Despite some encouraging signs from Big Tech companies, economic growth appears to be slowing. The Federal Reserve may delay rate cuts, while consumer spending and the labor market are showing early signs of weakening. De Michelis advises caution and diversification, suggesting that investors should also look beyond U.S. assets after more than two decades of dominance.