Q3-2025 Macro Outlook: Less chaos, and hopefully a bit more clarity
Market drivers and catalysts
Equities: New highs in US; tariffs escalate; tech and travel lead; EU deal hopes lift Europe
Volatility: VIX near March lows; short-term vols fade; SPX priced for small moves
Digital assets: Bitcoin +1.74%; ETH breaks $3K; ETF inflows surge; shorts liquidated
Fixed Income: US Treasuries steady after government sales
Currencies: Tariff jitters supporting a small weekly USD gain
Commodities: Weekly copper and silver gains offsetting broad agriculture losses
Macro events: UK trade and production data, Canada unemployment rate









