汇丰银行（HSBC）：2025年第一季度全球投资展望报告：驱动新时代的增长引擎（英文版）

To assess the market outlook for 2025, it’s important to first examine the state we are currently in. Economists have time and again been too cautious on US economic growth, overestimating the value of economic indicators (such as yield curve inversion or the Sahm rule) and underestimating both the US consumer and technological innovation. While the US growth rate is clearly off the peak, it should remain close to 2% and well out of recession territory. Tax cuts and deregulation under Preside