The future is here … …

We’re increasingly of the view that a series of disruptions are masking a very real cyclical U.S. economic slowdown underneath the surface.

AI is seldom out of the headlines in 2025, with defining developments coming one after another. We look at where AI is today and how its promise is matched against technological, economic, and geopolitical challenges.

After outpacing cautious expectations in the first half of the year, the global economy could face new challenges from trade policy uncertainty and inflation over the coming months.