This month’s webcast highlights a complex economic landscape, with some forces supporting growth and others not: Tariff impact on margins : Tariffs are compressing corporate margins, which may affect profit growth. Investors need to monitor how companies are absorbing these costs and the potential impact on earnings. AI CapEx boom : The significant investment in artificial intelligence is a key driver of U.S. economic growth in 2025. This trend is expected to continue, though at a slower pace, providing a tailwind for tech and related sectors. Falling interest rates : Central banks are moving towards rate cuts, which should support economic growth in 2026. Investors should consider the implications of this shift for bond yields, equity valuations and sector performance. Trade tensions continue : New tariffs on lumber and trucks have arrived, while U.S.-China and U.S.-Canada trade tensions remain high. Slowing U.S. economy : The U.S. government shutdown is causing temporary economic damage. While the U.S. economy is not heading towards recession, recent credit events raise questions about broader financial market health. All this and more in this month’s webcast.