Expert Perspectives: 'Liberation Day' Tariffs Unpacked

2025-04-08 09:40:00 ET

Summary

• Companies with strong free cash flow generating capabilities remain attractive.
• The Fed will likely be forced to cut despite inflation remaining above target, with markets now inching toward pricing a fourth cut in 2025.
• The impact of tariffs is likely to be uneven across property types.

Originally published on April 4, 2025

Equities

By George Maris, CFA, CIO, Global Head of Equities

The dramatic nature of these tariffs and lack of ready softening measures implies equities will likely be in risk-off mode until something catalyzes change. While markets priced in tariff risk, the actual measures announced are more severe than expected and future actions remain uncertain. This ambiguity, combined with the stagflationary nature of the shock, limits the Fed’s ability to offset with policy support removing a pillar of potential market resilience....

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