In this report, Lazard Asset Management highlights the new U.S.–Japan trade agreement, which includes a better-than-expected 15% tariff, and notes growing speculation that the EU could face a similar rate, though no deal has been reached. The analysis also reviews mixed global PMI data, with U.S. manufacturing showing continued weakness and services remaining more resilient—for now. Additionally, the European Central Bank held rates steady at 2%, and markets are now pricing in only one rate cut this year, amid rising concerns over the trajectory of U.S. trade policy.
Lazard Asset Management serves as the Portfolio Manager of the Caldwell-Lazard CorePlus Infrastructure Fund.
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