Insights

Rothschild & Co Wealth Management hosted Ed Conway and Fiona Howarth to explore how six key materials - sand, salt, iron, copper, oil, and lithium - underpin sustainability, and the global transition to cleaner energy.

President Trump’s “One Big Beautiful Bill” proposes ~$3tn in tax cuts and spending, plausibly one of the single biggest fiscal handouts in US history. However, there are ongoing political and economic considerations.

The latest Redburn Review examines the future of Medicaid, the current momentum in financial markets and the creative disruption caused by GenAI. It also covers the renewable energy storage, the atoms of analytics and many more.

Since the end of World War II, the ties between political decisions, economics and financial markets have become central to the dynamics that shape our societies: this interdependence can clearly be witnessed through the multiple, complex and complementary mechanisms at work.

Long-term interest rates are rising due to inflation expectations, debt concerns, and technical market factors, despite falling short-term rates and easing trade tensions.

The dollar weakened despite initial strength from Trump’s trade policies. Skepticism about the administration’s credibility and potential shifts in global reserve currency status contributed to its decline. The dollar’s future remains uncertain amid ongoing economic and governance issues in Europe.

We review a strong Q1 for the value of Growth Equity raises on both sides of the Atlantic ( US +48% yoy, Europe +22%) and the potential impact of the ‘Liberation Day’ tariffs on trading conditions for venture backed firms, the flow of funding into the asset class and valuation.

President Trump's proposed tariffs could raise US rates from 2-3%, to over 20%, the highest level since the 1930's. The tariffs might raise around 2% of US GDP in revenue, potentially making the difference between growth and recession.

Our view of the long term is indelibly shaped by our 200-year history as a business. In this Quarterly Letter, we re-emphasise what 'long term' means to us, and how it shapes our approach to wealth management and investing.

President Donald Trump’s trade-war salvo, the largest act of American protectionism since the 1930s, combined with his foreign policy’s complete shift, are sending significant shockwaves through the global economy. Although the full impact of phenomenal uncertainty is a key unknown, inflation and growth dynamics might well evolve opposite to investor’s Goldilocks scenario.

The Mansion House Initiative has ten of the UK’s largest pension providers committing 5% of ‘default’ funds from DC pensions to private assets by 2030, hoping to free up £75bn of growth financing. Ahead of the second anniversary of the Mansion House reforms we take a deep dive into funding conditions for UK private companies.

In this Market Perspective we examine President Trump’s economic policies, geopolitical risks, and market dynamics. As well as the potential impacts on global markets, trade relationships, and investment strategies.

Optimism around the potential ability of new technologies driven by artificial intelligence to transform industries is driving the venture capital market forward. At the start of 2025 AI continues to dominate VC fundraising and at rapidly growing valuations. The FTSE Venture Capital Index is just 6% off its August 2021 highs and we are seeing a resurgence in interest in sectors like fintech and biotech. As one VC commentator has remarked. ’We are so back baby’.

The US has imposed new tariffs on key trade partners, prompting retaliation. While inflationary short-term, their broader economic impact remains uncertain. Policy shifts, negotiations, and consumer responses will shape long-term consequences for global trade and growth.

Trump has wasted little time getting his feet under the desk. His protectionist approach targets the trade deficit but risks inflation and supply chain disruptions. While the US holds negotiating leverage, lasting economic benefits remain uncertain.

Global equities declined by 2.4% in December (USD terms), while global government bonds fell by 0.7% (USD, hedged terms).

2024 saw friendly economics with falling interest rates. US stocks outperformed the rest of the world. Trump's imminent return influenced market sentiment. Bonds fluctuated amid interest rate changes, and the US dollar strengthened significantly.