The 2025 Republic Research Outlook

Our baseline is reduced to 6,450 for the S&P 500 with too much uncertainty building on a timeline for negotiation between the U.S. and China on trade, military, and monetary policies.

Dear Fellow Expat:

In 1971, the great Indiana author Esther Kellner noted the following in a Richmond, Indiana newspaper: “A book is never finished—finally just abandoned. And deadlines are the most fearful part of a writer's life.”

That’s similar to a statement by poet Paul Valéry from 1933, but it’s Indiana, and we’re crediting the Hoosier.

Scott and I sat down to write a simple outlook on the markets…

You already know what happened.