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BCA report “Peak Everything,” with 2025 outlook and a chart showing global macro cycle peaks.

President Trump’s election has given the traditional “Santa Rally” an “America First” turbo boost, with US assets outperforming rest-of-the-world by 7% since the election on November 5.

For most investors, the move makes sense. President Trump has promised to deliver growth-accelerating tax cuts while waging a trade war that should hurt foreign and help domestic producers.