富国银行：2026年全球投资展望报告：穿越喧嚣 趋势制胜（英文版）（32页）.pdf

1、December 2025 2026 OutlookTrendlines over headlines Investment and Insurance Products:uNOT FDIC InsureduNO Bank GuaranteeuMAY Lose ValueDarrell L.Cronk,CFA President,Wells Fargo Investment InstituteChief Investment Officer,Wealth&Investment Management“Successful investing takes time,discipline,and p

2、atience.No matter how great the talent or effort,some things just take time.”Warren Buffett Page 2|2026 OutlookTrendlines over headlinesWhen negative headlines prevail,readers often reach reflexively for Murphys Law and a“Well,that figures”shrug.Even good news in abundance can prompt a squint to fin

3、d the negatives that must be in there somewhere.2025 certainly created lots of headline fatigue around rapid and sometimes abrupt changes,both in government policies and in the technological revolution that is artificial intelligence(AI).But we are looking through the headlines and see economic and

4、policy trends that should drive the economy and capital markets in 2026.An important goal of our 2026 Outlook report is to present those contours and explain how we see them as not only durable,but also reinforcing each other.To be blunt,it seems time to give old Murphy a rest.Policy changes may rem

5、ain prominent,particularly the Federal Reserves(Feds)path of further interest-rate cuts.But we are looking past the headlines about membership on the Feds Board of Governors,to focus on the historically rare but positive signal of rate cuts in an already growing economy.Likewise,we see tariff impact

6、s as diffused and less potent for markets than the positive duo of deregulation and tax cuts that are already in place.Spending to develop AI also looks set to grow and broaden across sectors,in our view.Some market volatility could develop as investors periodically test whether AI-related profitabi