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The signing of the Peace of Westphalia in 1648 didn’t just end the Thirty Years’ War; it reshaped the global order. It established state sovereignty and balance-of-power principles that have governed international relations for centuries. As Hobbes insightfully noted, while conflict may be inherent in human nature, peace is achievable through mutual agreement among sovereign powers. Fast forward to today: the global order that emerged after the Second World War is crumbling. We are entering a multipolar era one fraught with complexities, contradictions, and opportunities.

Our Chief Market Strategist, James Thorne, explores how Canada can chart a new path forward with growing pressures from Trump and a declining global trade system in his March Market Insights.

Are centrist policies the answer to today’s polarized political landscape? As Trudeau resigns and Trump returns to the White House James Thorne explores how shifting political leanings will challenge the status quo.

“If you are going to put a legend on the greenbacks, I would suggest that of Peter and Paul, ‘Silver and gold I have none, but such as I have I give to thee.” – Abraham Lincoln [1]

In our fast-paced world, we often overlook the long arc of evolution. With a new administration set to take control in Washington, it’s timely to reflect on the evolution of the U.S. dollar.

As we reflect on the market journey from late 2023 to the present and look ahead to 2025, the resilience and dynamism of the global economy stand out as defining characteristics. Throughout this period, a bullish outlook has been maintained, often swimming against the tide of mainstream opinion. This perspective has proven valuable as markets navigated through economic and political terrains, embodying the Dickensian sentiment of the best, and worst of times.

We stand at a pivotal juncture as we transition from a wartime to peacetime economy. The U.S. Federal Reserve’s shift towards a more proactive monetary policy aligns with the new Trump administration, introducing uncertainties that could profoundly impact risk assets. The longstanding strategy of interest rate cuts and increasing liquidity, prevalent since the late 1980s, is now under scrutiny as we enter this new era.