Market Overview - The markets are experiencing upward momentum as inflation pressures ease and rate cuts are anticipated [1] - Despite this positive trend, stretched valuations and tariff uncertainties are causing concern among investors [1] Economic Context - The current economic situation has significantly improved since 2022, which saw the fastest increase in interest rates in 40 years due to unprecedented inflation and fiscal stimulus [2] - Central banks have managed to control inflation without severely impacting the labor market, which is historically unusual [3] Future Outlook - The trajectory into 2026 and 2027 appears promising, with expectations of returning to a more stable economic environment [2]