Chair of Global Research Joyce Chang AC (1-212) 834-4203 joyce.chang@jpmorgan.com Strategic Research J P M O R G A N Strategic Research 24 November 2025 Shaky Optimism: Short-term tailwinds, long-term risks Highlights from J.P. Morgan's 2025 Global Macro Conference Investors remain constructive on the outlook for the US economy and markets, and see higher capex, AI validation and deregulation as tailwinds that should support market performance going into 2026. However, the fiscal deficit remains elevated, a ...