Here's the catch nobody's talking about: Global DM inflation has hit its lowest point in five years. Sounds bullish, right? Not so fast.

The real plot twist is tariffs. While deflationary pressures are providing some breathing room for central banks, the tariff landscape is reshaping everything. Trade barriers could flip the script entirely—potentially reigniting inflation through supply chain disruptions and higher input costs.

So we've got this paradox: cooling inflation meets rising trade friction. For asset allocation and market cycles, that's the tension keeping traders on edge. The numbers look good on paper, but policy moves are the wildcard nobody can ignore.