2Q 2025 | investment perspectives webcast

July 2025

Meketa’s Second Half 2025 Market Outlook.

We were pleased to welcome Torsten Slok, Partner and Chief Economist at Apollo, for a thoughtful and wide-ranging conversation with Richard O’Neill, Chair of Meketa’s Global Macroeconomic Investment Committee.

The discussion explored several important developments shaping the economic and investment landscape:
• US Economic Outlook: The conversation began with the macroeconomic backdrop in the US, where growth appears to be softening amid continued inflationary pressures. Factors discussed included tariffs, changes to immigration policy, and the restart of student loan payments—each creating potential ripple effects across consumption, employment, and price stability.
• Fiscal Trajectory & Interest Rates: The session addressed concerns around the growing US fiscal deficit, its implications for Treasury issuance, and how this might affect interest rates over time. While the US government bond market remains deep and liquid, questions about future borrowing costs and foreign demand for Treasuries were raised.
• US Dollar Trends: Recent weakness in the dollar was explored in the context of rate differentials, global sentiment, and past policy proposals. Torsten noted that with some of these risks receding, the relationship between interest rates and currency strength may begin to reassert itself.
• Looking Ahead: The webinar closed with reflections on potential risks that may be underappreciated—such as upcoming changes to Fed leadership—and a review of how investors are approaching asset allocation in light of persistent macro uncertainty.

We hope the session provided helpful context and useful perspectives as you continue to monitor markets and global trends.

View webinar