Podcast
Tariffs, Interest Rates and AI
By Will Simpson
January 31, 2025
The noise is getting louder as we have made our way through January.
This week started with news on AI, followed by interest rate decisions on Wednesday, and now tariffs are set to go through this weekend.
For the week, market performance was mixed. The TSX, Dow Jones, and international indices are set to finish in the green, while the S&P 500 and Nasdaq are slipping into the red. Weakness in the U.S. market came largely from concerns about the future demand for chips, which weighed on tech stocks. Markets tailed off on Friday on the news that tariffs would be implemented starting on Saturday.
Gold has been performing well and its strength reflects ongoing macro uncertainties, with investors seeking safety amid shifting Fed expectations and geopolitical risks. The outperformance of equal weight over market weight in the U.S. suggests broadening market participation, which could be a positive signal for more balanced equity returns moving forward.
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