“What’s bugging me is that everyone is saying the same thing,” says FT markets columnist Katie Martin, wearied by the slew of 2025 outlook reports published by banks and investment houses in recent weeks.
“And essentially it’s ‘American exceptionalism’,” — broadly, that despite Trump’s policies on international trade, tax and migration being inflationary, arguably even fiscally reckless, and despite US stocks being very highly priced, analysts still think the market is the only show in town when it comes to investment.
“Personally, I find that a little bit worrying,” she says. “Because it opens up the possibility that if something goes wrong with this narrative then everyone runs to the other side of the ship all at the same time.”
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