野村：2025年冬季全球投资展望报告（英文版）

The financial market for the period of October to December 2024 was shaped by the policies of the new Trumpadministration following the US presidential and congressional elections on November 5, as well as by the pace ofinterest rate cuts by the Federal Reserve (the Fed). Given a Republican "red sweep" securing the presidency andmajorities in both the House and Senate, long-term interest rates rose due to expectations for increased tarifs andfiscal expansion, and the US dollar appre