Macro Report
December 15 2025
FutureGate | U.S. policy and market signals continue to tilt toward a more supportive backdrop for risk assets. President Donald Trump is expected to move forward with reclassifying marijuana, a step that would not legalize the drug federally but would remove punitive tax treatment that has weighed heavily on state-legal operators. In parallel, the Office of the Comptroller of the Currency has approved national bank charters for major digital-asset firms including Circle, Paxos, Ripple, BitGo, and Fidelity Digital Assets, marking a significant milestone in the formal integration of crypto into the U.S. banking system.
Monetary policy remains firmly in focus. Trump indicated that former Federal Reserve Governor Kevin Warsh is emerging as his leading candidate for Fed Chair, while reiterating his preference for aggressive rate cuts, with policy rates moving toward 1% to ease the government’s debt burden. JPMorgan CEO Jamie Dimon added credibility to the view, stating that Warsh would “make a great” central bank chief. From a markets perspective, Goldman Sachs expects U.S. corporate earnings to grow at a double-digit pace in 2026, reinforcing a constructive outlook for equities if policy becomes more accommodative.
Equity strategists continue to frame the rally as broadening rather than peaking. Piper Sandler characterizes the current environment as a rotational bull market, with leadership shifting toward cyclicals as economic momentum stabilizes. Deepwater Asset Management echoed this optimism, arguing that the AI-driven bull market is set to extend into 2026, with small-cap technology stocks likely to outperform as adoption widens beyond mega-cap leaders.
On the global and technology front, China is reportedly considering up to $70 billion in incentives to support its domestic chipmaking industry, underscoring the strategic importance of semiconductors. Against that backdrop, Nvidia is said to be exploring additional production capacity for its H200 accelerators to meet demand from Chinese customers, highlighting ongoing strength in AI infrastructure spending despite geopolitical complexity.
