Silver Rises Over 120% YTD 
Guggenheim Partners’ Chief Investment Officer Anne Walsh has laid out a bold forecast for 2025, predicting quarterly Federal Reserve rate cuts totaling 75-100 basis points, contrasting sharply with market expectations that have recently scaled back to just one or two cuts.
Speaking at the World Economic Forum in Davos, Walsh expressed a more optimistic view on Trump’s trade policies, suggesting tariffs will likely average less than 10% and be more targeted than markets fear, particularly while the dollar maintains its reserve currency status.
On the investment front, Walsh sees opportunities in both bonds and equities, highlighting that the bond market’s recent range-bound trading creates interesting possibilities.
She identifies 5% yields on 10-year Treasury bonds as an “extreme” buying opportunity and expects tight yield spreads to benefit U.S. equities.
Walsh projects 8-10% returns for the S&P 500 by the end of 2025, driven by artificial intelligence, energy sector developments, and manufacturing reshoring, while cautioning that political-policy tensions could create significant market volatility throughout the year.
