02. MACROECONOMICS & STRATEGY
Trump 2.0 in a very different context from Trump 1.0
Trump 1.0 – November 2016
Trump 2.0 – December 2024
Output gap (Production deviation from trend)
-1.8%
+0.8%
Inflation
1.6%
2.6%
Core Inflation
2.1%
3.3%
Company margins
10.5%
13.0%
10-year rate
1.8%
4.3%
PER
15.6
22.9
Risk premium
4.6%
0.0%
4.5%
12.8%
S&P 500 DR 1-year annualised performance
13.0%
15.2%
S&P 500 DR 5-year annualised performance
6.7%
13.0%
S&P 500 DR 10-year annualised performance
Public Source : Rothschild & Co Asset Management – 31/12/2024 The figures quoted relate to past years. Past performance is not a reliable indicator of future performance and is not constant over time. This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behaviour. These data are provided for illustrative purposes only. Depending on the date of publication, the information presented may differ from the updated data.
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