The first quarter of 2025 is likely to be etched in the memory of market participants. This period witnessed not only a marked recalibration of the prevailing narrative surrounding the U.S. economy, but a swift unraveling of long-held tenets of the global economic order- an unravelling that meaningfully accelerated in the beginning of the second quarter. The consequence was a notable sell-off in U.S. equities and a stark underperformance relative to their European counterparts, and a U.S. government bond market caught in the crosscurrents of subdued growth and elevated inflation. There was also considerable pressure on commodities, with indications of some forced portfolio de-leveraging.