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2025 Q4 MACRO OUTLOOK
Vantage Point: Threading The Needle
Welcome to another edition of Vantage Point, the quarterly economic and markets outlook from the BNY Investment Institute.

2025 Q3 MACRO OUTLOOK
Vantage Point: Resilience at the Rubicon
As the delayed effects of past monetary and fiscal policy become more evident and the need for new policy takes hold, the BNY Investment Institute expects the coming quarters to challenge the resilience of economies and the durability of markets.
Read more in the latest edition of our quarterly economic and asset allocation analysis, Vantage Point.

Top picks

Sino-U.S. disagreements on export controls over technology and critical minerals are unlikely to morph into a full-blown trade conflict.

Productivity, or output per hour worked, is a key driver of long-term economic growth. Now, after years of stagnation, productivity is on the rise again, a positive sign for future growth.

Welcome to another edition of Vantage Point, the quarterly economic and markets outlook from the BNY Investment Institute.

Earnings growth is on investors’ minds, especially as it broadens beyond the big tech stocks that have shown the most improvement in the past. We believe this is a positive sign for continued equity gains.
The value of investments can fall. Investors may not get back the amount invested.
Investment Managers are appointed by BNY Mellon Investment Management EMEA Limited (BNYMIM EMEA), BNY Mellon Fund Managers Limited (BNYMFM), BNY Mellon Fund Management (Luxembourg) S.A. (BNY MFML) or affiliated fund operating companies to undertake portfolio management activities in relation to contracts for products and services entered into by clients with BNYMIM EMEA, BNY MFML or the BNY Mellon funds.