Trump 2.0: The First 100 Days | APAC

Thesis for Expected Rebound in 2026 United States

Growth Accelerates

Inflation Rolls Over

H2 2025 : Fed cutting rates (concerned about growth)

-0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5

4.0

Jan 2026 : Tax cuts are extended and deregulation Feb 2026 : Trump hints trade deals are being negotiated

H2 2026 : Tariffs come off or are reduced on most Mar 2026 : Fed continues normalizing policy

3.5

3.0

2.5

2.0

1.5

1.0

2024Q1

2024Q2

2024Q3

2024Q4

2025Q1

2025Q2 PCE, Y/Y%

2025Q3

2025Q4

2026Q1

2026Q2

2026Q3

2026Q4

2024Q1

2024Q2

2024Q3

2024Q4

2025Q1 Real GDP, AR% 2025Q2

2025Q3

2025Q4

2026Q1

2026Q2

2026Q3

2026Q4

Source: Cushman & Wakefield Research

Source: Cushman & Wakefield Research

CONTENTS

Cushman & Wakefield