Conditions point to a “Muddle Through” scenario featuring low to moderate growth with mildly-sticky inflation. Generous yields across public and private credit continue to drive the yield-is-destiny theme, which may gain a tailwind from downward rate pressure. It's an environment where equity investing requires adherence to a disciplined investment approach that focuses on high-quality companies with enduring competitive advantages. From a multi-asset perspective, investors should lean into high-conviction, high-quality exposures. Maintaining flexibility across asset classes will support portfolio resiliency to future policy shifts and macro shocks.