Newmark：2025年第一季度资本市场报告（英文版）

Economy. U.S. GDP contracted 0.3% in the first quarter of 2025, reflecting early signs of economic softness. Still, this performance primarily serves as a baseline ahead of the Liberation Day tariff announcements, which are expected to reshape growth trajectories. Newmark research has put out a more comprehensive review of how to think about tariffs. In the near term, however, the outlook points to slower growth and higher prices. As of late April 2025, significant uncertainty remains around