1、2025 MID-YEAR OUTLOOKComfortablyUncomfortable5 essential questions that help investors unlock opportunity in uncertaintyThe 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 b

2、e appropriate for all investors.Investors should speak to 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 resu

3、lts.Please read additional regulatory status,disclosures,disclaimers,risks and other important information at the end of this material.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 CH

4、ASE BANK,N.A.OR ANY OF ITS AFFILIATES SUBJECT TO INVESTMENT RISKS,INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED 2025 MID-YEAR OUTLOOK232025 MID-YEAR OUTLOOKForewordThe markets are far from certain and investors are facing the challenges that come with that.As we approach the midpoint of t

5、he year,the turbulence remains stubbornly unpredictable even to those of us whove seen markets rise and fall plenty of times.In our Mid-Year Outlook,we will answer five key questions that can help you make progress toward your financial goals.Its a timely report and wehope you find it useful.Our Glo

6、bal Investment Strategy Group sees the global economy losing some steam in the short run,as recession risks have picked up.In the long run,they believe the economy will weather the headwinds and absorb higher tariffs,thanks in part to growth-friendly policies.Of course,its hard to predict exactly ho