For investors and economy-watchers, 2024 was marked by monetary policy uncertainty and heightened geopolitical tensions. While major central banks delivered the expected reduction in rates, the 50-100 basis points (bps) of easing was significantly less than markets expected at the start of 2024. However, these modest cuts should begin to provide a tangible boost to economies throughout 2025. On the geopolitical front, a succession of major events such as elections and rising tensions in the Middle East, failed to spill over to the global economy as the war in Ukraine did in 2022.