Economic and Market Review March 2025

• Trump's shifting tariff policies are creating market uncertainty, with inflation indicators rising and consumer confidence hitting a 12-year low • The federal deficit has reached nearly $1.3 trillion for the first five fiscal months—approximately $500 billion more than last year • OECD has downgraded global GDP growth projections to 3.1% in 2025 and 3.0% in 2026 • Germany has modified its debt brake to exempt defense spending and add €500 billion for infrastructure, aiming to increase defense spending to 3.5% of GDP by 2030 • China's manufacturing PMI increased to 50.5 in March, with industrial output up 6.9% in early 2025 despite tariff concerns

Is Your Portfolio and Retirement Safe from the Devasting Damage of Inflation?

Investors need to be aware that inflation damage compounds over time. We have undergone a secular change, and inflation will continue to move up over the medium term.