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The road to 2025 is like a mountain hike: fog clouds the view, stony paths and steep climbs await us. But our goal is clear - the best possible returns with manageable risk. With flexible management and a clear strategy, we are aiming for the summit, where sunshine and a fantastic view await us.

How are tariffs, interest rate policy and market developments affecting your investment strategy? The US offers growth opportunities, but Europe faces major challenges.

The U.S. economy currently remains the most important growth engine. However, whether U.S. consumers will soon receive support depends on a number of factors. In Europe, the economy is running at a much slower pace. Central banks are trying to combat this by cutting interest rates.

Services remain the driving force behind US economic performance. While economic activity is losing momentum, it does still remain intact. There are much greater challenges facing Europe and China, and both regions would benefit from additional stimuli.

Stumbling blocks in Europe and a change of focus in the US. Even though the starting situations in Europe and the US are different, the solution is similar. Will we see further interest rate cuts in September?

The U.S. economy is slowing down. This provides scope for rate cuts. Cuts have already been made in Europe, and seem to have hit the mark. The mechanism of interest rate cuts is turning the wheels on the long-awaited economic recovery. But be warned: the destination may be in sight but turbulence could make for a bumpy landing.