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  "notes": "The slide uses a dual-chart layout to contrast historical PMI trends with recent downward revisions in 2025 GDP growth forecasts.",
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      "text": "Although Europe is the next regional target for tariffs, this is a well-advertised headwind, something we view as a buying opportunity.",
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      "text": "EU GDP Forecasts Have Been Significantly Revised Down Since the Odds of a Trump Victory Started to Rise; The Impact of Tariffs Looks Well “Baked In”",
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      "text": "The Drag on PMIs from Monetary Policy and FX Appreciation Is Set to Fade in Coming Months",
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      "text": "Source: Macrobond, Bloomberg, Goldman Sachs, MSIM. As of January 17, 2025. The views and opinions expressed are those of the Portfolio Solutions Group at the time of writing/of this presentation and are subject to change at any time due to market, economic, or other conditions, and may not necessarily come to pass. Forecasts/estimates are based on current market conditions, subject to change, and may not necessarily come to pass. Past performance is no guarantee of future results.",
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      "text": "As PMIs recover from a multi-year trough below 50, Europe is poised to generate improved performance, with a ceasefire between Russia-Ukraine potentially providing added support to this sentiment. Although Europe is the next regional target for tariffs, this is a well-advertised headwind, something we view as a buying opportunity.",
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