Trump 2.0: The First 100 Days | APAC

Stagflation is Now Our Base Case for 2025 United States

Stag…

…flation

4.0

-0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5

3.5

3.0

2.5

2.0

1.5

1.0

2024Q1

2024Q2

2024Q3

2024Q4 Real GDP, AR%

2025Q1

2025Q2

2025Q3

2025Q4

2024Q1

2024Q2

2024Q3

2024Q4 PCE, YOY%

2025Q1

2025Q2

2025Q3

2025Q4

Source: Cushman & Wakefield Research

Source: Moody’s Analytics, Cushman & Wakefield Research

CONTENTS

Cushman & Wakefield