JPMAM's Karen Ward: Political uncertainty in markets has been replaced with 'policy uncertainty'

Same number of unknowns in 2025

Heading into 2024, investors were bracing for an election year marked by a record number of voters heading to the polls worldwide, adding to market uncertainty over the key figures shaping the future macroeconomic landscape.

While investors have gained clarity on many political leadership questions that loomed a year ago, new uncertainties have emerged. According to Karen Ward, EMEA chief market strategist at JP Morgan Asset Management, the focus has shifted to the policies that will shape and steer markets in the years ahead. Speaking at the firm's 2025 Outlook roundtable, Ward said that while investors now know who is residing in the various political offices in the US, the UK and other countries, the picture about what the fiscal agenda will be is greyer than it was a year ago. JP Morgan AM's Karen ...