Drinking from a Firehose: 2025 in Review | Steve Henderly, CFA
The first half of 2025 felt like drinking from a firehose. President Trump’s return to the White House brought a rapid sequence of policy headlines – including DOGE initiatives, tariffs, renewed focus on immigration, and sweeping tax and spending proposals. It felt chaotic and markets struggled to keep pace with the speed of change. Those following the news were drinking from the proverbial firehose. By comparison, the final few months of the year were less frantic but arguably more conflicted for investors with bulls and bears locked in a tug of war rather than one side clearly in control.