Vanguard economic and market outlook for 2025: Beyond the landing

Strong growth, full employment, moderating inflation, and solid market returns—the U.S. had it all in 2024. Can that momentum continue in 2025?

Vanguard Global Chief Economist Joe Davis, Ph.D., discusses the possibilities. Nevertheless, the economic and investment landscapes shouldn’t be confused. The era of sound money—with interest rates above the rate of inflation—is likely here to stay. But valuations are stretched for segments of the U.S. stock market.

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0:00 - The U.S. as economic outlier
0:46 - Factors in favor of a soft landing
1:08 - Tariffs
1:31 - The era of sound money
2:19 - Equity valuations

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