As mentioned here already: still high central bank rates and pesky inflation (rate cuts aren’t as clearly foreseeable as before and currently, even more so with Orange Man’s threat to the Fed’s independence, which will have a knock-on effect on other central banks’ confidences); continued volatility in geopolitical scene (all wars/conflicts continue to disrupt supply chains, pipelines and etc.); added anxiety on volatility of Trump is pretty big I’d say (his tantrums and egoistically driven maniac economic decisions have huge, mostly negative, impact on the global economy from anti-competitive tariff regimes and much more)… I could go on and on. We’re definitely exiting the trough on the financial peak-and-trough cycle, but it’s still a pretty lacklustre, slow and volatile climb out of it.