Donald Trump’s April tariff announcements are still reverberating around the world.
Our latest on-demand video – “Liberation Day and After” – unpacks the implications of rising tariffs on markets, investor expectations and central banks.
In the USD 55 trillion mutual-fund and ETF universe tracked by EPFR, we have seen a rush to gold funds; more surprisingly, there has been a surge in retail flows to European equity funds.
Tariffs are quietly reshaping the inflation narrative. Cost-push inflation and trade barriers may prolong elevated price levels across key sectors. This means central banks are walking a tightrope. Policymakers remain cautious as they weigh the risks of prematurely easing policy against the backdrop of strong employment and sticky core inflation.
Asset allocation implications are emerging. As policy uncertainty grows, investors are beginning to reconsider equity sector leadership, the resilience of fixed income positioning, and relative value opportunities beyond US large caps – especially in regions and sectors less exposed to trade frictions.
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