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Q3 2025 HOUSE REPORT
DOLLAR DYNAMICS
With the US economy, markets, and listed companies at the centre of global dynamics, we explore the key themes affecting investors today.
This edition of the Sarasin House Report centres on the enduring global impact of President Trump’s ‘Liberation Day’ tariffs and broader economic policies, which continue to shape markets and investor sentiment well into 2025.
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Government bonds: High supply, but no demand?
Having previously challenged some common myths around government bonds, here we dive into one of the most fundamental changes in the landscape: the supply-demand balance being upended.
It is no secret that governments around the world are spending big. From January to June 2025, the US federal government...
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Managing currency: more than meets the eye
For much of the past 15 years, the US dollar has been strengthening steadily relative to other currencies. The dollar’s role as the world’s reserve currency has been a source of strength, compounded by the notion of ‘US exceptionalism’ as US equity markets have outpaced their peers over the long term...
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Don't roll back the clock on audit oversight
Robust and independent audit is one of our key stewardship priorities. We seek to promote accounting practices that support long-term capital preservation and value creation. That means ensuring prudence to prevent overstatement, and maintain transparency around capital strength to help contain excessive risk-taking...
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The surprising market upside of the Trump agenda
The performance of global equities in the second quarter of the year was a textbook example of markets climbing a wall of worry. By the beginning of July, the MSCI World index sat above its level on the eve of President Trump’s “Liberation Day” on 2 April...
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The price of power: Tariffs, the dollar and the new American order
As the Cold War drew to a close in the early 1990s, the United States set out to cement its global leadership. With the USSR collapsing and China only beginning to look outward, the US stood as the world’s unrivalled military, financial and economic superpower...
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Red, white and relocated
According to the Association of Americans Resident Overseas , it is estimated approximately 5.5 million Americans are living beyond US borders.[1] Recent Financial Times analysis published in June 2025 revealed that a rising number of Americans, ranging from professionals to retirees, are actively pursuing ‘Plan B’ relocation strategies,...
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