1、 Outlook 2025Building on StrengthEasing global policy Normalizing policy rates U.S.&Japan over EM Continued U.S.housing shortage Productivity gains Increased dealmaking Capital investments AI:Boom or bust?Health care disruption Automation&robotics Building power infrastructure Redefining security El

2、ection impacts Defining Trump 2.0 Sunsetting tax policy Managing rate volatility Anti-trust risk Anti-establishment surge Portfolio resilience The wealth check Finding value in income Defending against inflation Reconfigured returns The gold rush Investment landscapes Evergreen alternatives Sports&s

3、treaming The 21st-century space race Liability managment Reimagined cities INVESTMENT AND INSURANCE PRODUCTS ARE:NOT FDIC INSURED NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT OR OTHER OBLIGATION OF,OR GUARANTEED BY,JPMORGAN CHASE BANK,N.A.OR ANY OF ITS AFFILIATES SUBJECT TO INVESTMENT

4、RISKS,INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED The views expressed herein are based on current conditions,subject to change and may differ from other JPMorgan Chase&Co.affiliates and employees.The views and strategies may not be appropriate for all investors.Investors should speak to

5、 their financial representatives before engaging in any investment product or strategy.This material should not be regarded as research or as a J.P.Morgan Research Report.Outlooks and past performance are not reliable indicators of future results.Please read additional regulatory status,disclosures,

6、disclaimers,risks and other important information at the end of this material.2025 OUTLOOK REPORT 2 2025 OUTLOOK REPORT Foreword As we approach the end of the year,various headwinds intersect economies and markets.The global economy is growing at a good pace.Inflation has cooled.But geopolitical ris