In this flash episode of The Wealth Enterprise Briefing, WE Family Office's Michael Zeuner, managing partner, and Sam Sudame, senior investment manager, revisit the state of the capital markets following recent tariff announcements and shifting investor sentiment.

While equity markets have recovered to pre-April levels and the S&P 500 is flat year-to-date, Michael and Sam caution that the broader economic picture remains uncertain. Growth expectations have softened, financial conditions have tightened and inflation risks persist despite a temporary de-escalation in trade tensions.

Key points during their discussion:

• The U.S. and China's 90-day agreement to lower tariffs and its impact on sentiment
• Recovery in equity markets vs. deterioration in earnings expectations and credit conditions
• Rising uncertainty around interest rate policy, consumer spending and employment
• The importance of watching soft economic data and what it signals about future hard data
• Strategic portfolio positioning during periods of policy, market and economic crosscurrents

Michael and Sam emphasize the need for flexibility and discipline. In their view, the recent rally may offer an opportunity to ensure portfolios are positioned for multiple outcomes, rather than making concentrated bets on a single economic scenario.

If you'd like to talk through how these changes could affect your portfolio, please reach out.

Important Information:

The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security or other type of asset, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented.