We bring the year to an end with astute market strategist and Fed watcher Dr. Komal Sri-Kumar. Sri begins by taking stock of the US economy and markets, how they have been fuelled by fiscal stimulus and the Fed put. Sri is a strong critic of the Fed’s track record on price and financial stability, and he worries that inflation and market risks could be back on the horizon in 2025, even if they seem remote now. We talk about the balance sheet of US households, which look fine on aggregate, but Sri points out that those at the low-end of the income spectrum are struggling with high cost of living and debt service. On corporate balance sheet, Sri worries about commercial real estate and the proliferation of private equity and debt. We then take a look at the outlook for the dollar, gold, and EM assets. Sri sees a year of two halves; first the Trump trades and then the fading of the sugar rush. Expect a volatile 2025.