July 2025 Strategas Insight

As we move into late summer, it is tough to characterize investors’ sentiment as anything other than roundly optimistic. Moreover, this sense of optimism (and relief) appears to be broadening. After navigating the early-2Q post “Liberation Day” washout without suffering a financial event, and then finding definition on the extension (and expansion) of the TCJA and clarity on the direction of trade policy, (particularly the upper bound on non-China tariffs) as 2Q drew to a close it is not surprising that the U.S. market has broken to back to all-time highs. Read the July report to learn more.