摩根大通：2025年中经济与投资展望报告：关税、美元挑战及AI革命（英文版）

Investors are skittish—and who can blame them? The building blocks they had taken for granted—a durable economic expansion, limited new barriers to global trade and continued spending on artificial intelligence (AI)—are suddenly at risk. Lofty expectations at the start of the year have collided with a far rougher reality. “Uncertainty” is the now ubiquitous word—for businesses weighing capital investment, households pondering the next big purchase, central banks setting interest rate policy a