1、Global Macro Trends May 202515.2InsightsThe Art of Learning Contents 3 Introduction 9 Most Asked Questions 9#1:Partial tariff relief has arrived faster than you were anticipating.What has changed in your thinking?10#2:Why are you not more bearish on earnings growth given the magnitude of the supply

2、shock?14#3:Could currency policy ultimately be a more effective vehicle for improving U.S.competitiveness,especially relative to reciprocal tariffs on goods?16#4:For investors who are considering selling down their overweights in U.S.financial assets,what should they know?22#5:Are strong,positive te

3、chnical influences in the markets helping to offset shaky economic trends?24 ConclusionHenry H.McVeyHead of Global Macro&Asset Allocation,CIO of KKRs Balance S David McNellis Aidan Corcoran Changchun Hua Kristopher Novell Brian Leung Rebecca Ramsey Rachel Li Ezra Max Bola Okunade Asim Ali Miguel

4、 Montoya Allen Liu Insights|Volume 15.2 3The Art of LearningWith a whirlwind of recent developments post-U.S.election tax debates,Liberation Day,and travels both abroad and at home in early Maywe think it makes sense to update what we have been learning,especially as it relates to our Regime Change

5、thesis.One learning involves the role of international bonds,including investors increased desire to own more non-U.S.fixed income,alongside more private market Alternatives,that can help to further diversify a portfolio.Another key area where we have increased our knowledge involves the U.S.dollars

6、 valuation relative to history.With a weakening dollar,local currency liabilities have the potential to become a more severe drag on performance than we and many investors were expecting prior to April 2nd.Meanwhile,on tariffs,weve updated our post-bargaining plausible case by incorporating what wev