Investors will look back on 2025 as the beginning of the end of US exceptionalism. America’s role in global financial markets is changing, and last year’s US dollar weakness will likely persist over the next three to five years, as investors continue to diversify away from US Treasuries and into alternative safe havens. The steepening of developed market yield curves will also persist, driven by increased defence spending and rising deficits. Further complicating the medium-term outlook, all major regions will be affected by significant changes in the geopolitical landscape. It’s a whole new ...