U.S. policy uncertainties, Canada’s resilience, & Europe’s growth
March 2025 was a month defined by diverging central bank actions, escalating inflation expectations, and a massive shift in European defense policy. Inflation continues to loom large in investor sentiment, fueled in part by tariff policies and geopolitical uncertainties. Meanwhile, gold emerged as a standout performer, benefiting from its traditional safe-haven status as well as increasing institutional and retail interest. Europe took center stage with a landmark defense budget approval, signaling a deeper decoupling from the U.S. and offering fresh momentum to regional equities. Central banks around the world issued key policy updates, keeping investors focused on interest rate paths and inflation outlooks through year-end.
