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Weekly Market Update – August 11, 2025

Price Return Last Week

S&P 500 +2.4%   S&P Mid Cap +0.6%    Russell 2000 +2.4%   

MSCI EAFE +2.9%    MSCI EM +2.3%  

10 Yr US Treasury Rate – rose from 4.22% to 4.28%

Source: Refinitiv Eikon

Recent News


Tariffs Go Into Effect – After an initial delay, President Trump’s “Liberation Day” tariffs went into effect on Thursday for dozens of countries that had not yet reached a trade deal with the United States.  Countries and regions that constitute approximately 40% of U.S. trade flows have already reached framework deals with the U.S., including the European Union, Britain, Japan, and South Korea.  Brazil, Switzerland, and Canada will see some of the largest increases in tariffs with rates increasing up to 50% for some.  Overall, the average U.S. tariff rate will increase from 2.5% at the beginning of the year to approximately 20%, the highest in a century.

Source: Thomson Reuters


Additional India Tariffs – On Wednesday, President Trump issued an executive order imposing an additional 25% tariff on imports from India, on top of the 25% that was already imposed.  Trump stated that the increased tariff rate was as a result of India importing Russian oil.  The extra 25% will be implemented in three weeks.

Source: Thomson Reuters


Trump Nominates Miran – President Trump stated that he would nominate the head of the White House Council of Economic Advisers, Stephen Miran, to fill a recent vacancy on the Federal Reserve’s Board of Governors.  The appointment will only last until January at which point a permanent replacement will be nominated.  Miran had opposed interest rate reductions in 2024 citing a concern that inflation still hadn’t reached the Fed’s target of 2% but has modified his stance in 2025 to favor cutting rates now as he expects Trump’s policies to lower inflation.

Source: The Wall Street Journal


Fannie/Freddie IPO – The Wall Street Journal reports that the Trump administration is preparing to have Fannie Mae and Freddie Mac go public with an IPO in 2025.  It is estimated that only 5-15% of the companies' stock would be put up for sale and the valuation for both would be roughly $500 billion.  It is unclear if they would remain under government conservatorship as has been the case since the 2008 financial crisis.  Both have been operating with an implicit guarantee that the government would provide them with a bail-out should they encounter difficulties, but it is unclear if this will remain.  Absent a guarantee, analysts have cautioned that mortgage rates could increase.

Source: The Wall Street Journal


All-Stars in the Ivy – Major League Baseball announced that Wrigley Field will host the MLB All-Star Game in 2027.  It will mark the fourth time the stadium has hosted the game, tying old Yankee Stadium and Cleveland’s Municipal Stadium for the most times hosting.  The first time Wrigley played host in 1947, the American League team was led by Ted Williams and Joe DiMaggio, just two years after they returned to the U.S. following WWII.

Upcoming Events


8/12 – CPI


8/13 – Notable Earnings Reports: Cisco


8/14 – PPI, Notable Earnings Reports: Deere & Co, Applied Materials


8/15 – Retail Sales, Consumer Sentiment

Source: Refinitiv Eikon

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