Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Trader Strategy
Head of Macroeconomic Research
Summary: France’s economy will be more resilient this year than the rest of the eurozone due to a strong inflow of credit and fiscal stimulus. However, the country has not fully taken advantage of the low-interest rate environment to move upmarket and we fear that layoff plans are coming in industries that are most vulnerable to the international context.