Economic Overview: Optimism Amid Volatility
During the quarter the U.S. economy continued to slow, driven by the forty-three-day government shutdown and a drop in overall economic activity. Tariffs continued to cause disruptions in trading patterns, creating volatility and uncertainty globally that affects supply chains. But consumers continued to spend in the face of higher prices from tariffs and falling consumer confidence due to a weakening labor market. Core inflation rates rose sharply following the tariff announcements in April and have risen about 0.5-0.7% in 2025 depending on the index.
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Although the information included in this report has been obtained from sources we believe to be reliable, we do not guarantee its accuracy or completeness. All opinions expressed in this report constitute judgments as of the dates indicated and are subject to change without notice. This report is for informative purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any product or as investment advice for any purpose. Investors should contact their financial advisor prior to making investment decisions. The accuracy of any forecasts is dependent on the occurrence of future events which cannot be assured; therefore, actual results may vary from any forecasts.
