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MARKET AND FINANCIAL UPDATES

Vanguard investment update Q4 2025

Global economic activity strengthened in Q4, supported by easing trade tensions, reduced economic uncertainty and a surge in US AI-related investment. Inflation remained elevated in major economies, notably the US and UK. Central bank policy diverged, as the European Central Bank (ECB) held rates steady, while the US Federal Reserve (Fed) and Bank of England (BoE) both continued to cut.

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