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1、uuuJune 20252025 Midyear OutlookOpportunities amid uneven terrainInvestment and Insurance Products:NOT FDIC InsuredNO Bank GuaranteeMAY Lose ValueDarrell L.Cronk,CFA President,Wells Fargo Investment InstituteChief Investment Officer,Wealth&Investment Management“The stock market is a device for trans

2、ferring money from the impatient to the patient.”Warren Buffett Opportunities amid uneven terrainOur 2025 Outlook report foresaw a new chapter for the U.S.economy,including policy changes but not to this degree.The largest tariff increases since the 1930s are rapidly reshaping global trade and are l

3、ikely to spark inflation and slow spending.Tariff negotiations are ongoing,but we do expect some significant tariffs still in place through 2026.Meanwhile,Congress is hammering out a budget that should extend the 2017 tax cuts and may add some new ones.Much depends on policy negotiations that remain

4、 fluid.Markets dislike uncertainties,but sometimes the worrying gets overdone.Even as investor sentiment has weakened sharply this year so far,household incomes after inflation are growing,and monthly job creation has slowed but is near its 15-year average.Additionally,first-quarter corporate earnin

5、gs delivered robust growth and largely healthy balance sheets.Deregulation and lower oil prices add positive momentum.A lot still has to be figured out,but the economy has a healthy pulse.Sentiment has focused mostly on the downside,but we believe wise investors also will weigh the positives.Part of

6、 that balancing is to recognize that tariffs are taxes,and households and businesses routinely adjust to tax changes.And not all transactions are subject to tariffs.The Commerce Department says 52%of goods purchases are entirely of domestic content,and U.S.businesses have had considerable experience