Market volatility and economic uncertainty are expected to delay the anticipated investment banking rebound in 2025, according to analysts at Morgan Stanley. Despite initial optimism following the election of President Trump, which raised hopes for less regulation and lower corporate taxes, actual capital markets activity has not met expectations. “We are now living in a new reality,” Morgan Stanley analysts said, as they highlighted the impact of tariff discussions on deal-making. They predict subdued capital market activity in the first half of 2025, with a potential uptick in the third quarter, contingent on reduced market volatility and clearer tariff policies.
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