Market Monitor Video – Jack Manley

In this three-minute video, Jack Manley, Executive Director and Global Market Strategist with J.P. Morgan Asset Management, expresses cautious optimism about the U.S. economy, emphasizing that significant upside potential remains underappreciated in current sentiment. Despite ongoing macroeconomic uncertainty—driven by shifting policy signals from Washington, fluctuating interest rate expectations, and volatility in equity and bond markets—there are several encouraging indicators. 

Stock prices in the U.S. are at all-time highs, contributing to a wealth effect that supports consumer spending, a key driver of economic growth. Jack highlights that while downside risks dominate headlines, many positive developments are unfolding, including increased clarity on trade policy. The existence of trade agreements, regardless of quality, provides a framework for planning and stability. 

Fiscal stimulus, including tax cuts and refunds from recent legislation, is expected to boost consumer activity in the coming quarters. Additionally, the U.S. consumer has shown resilience to higher interest rates, largely due to the prevalence of long-term fixed-rate mortgages, which have insulated households from rising borrowing costs. 

This combination of strong asset values, stable housing markets, and wage growth paints a favorable picture for long-term investors. Jack concludes that while risks remain, the overall environment supports a cautiously optimistic outlook—particularly for diversified investors focused on fundamentals and long-term growth. 

 

The views expressed in this video are those of Mawer Investment Management Ltd. as at September 17, 2025 and are subject to change without notice.

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Publication date: October 30, 2025