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2025 Giving Season Market Update

What today’s markets and policy moves mean for your charitable giving.

Markets have been anything but quiet – tariffs, rate moves, and a fresh capital expenditure (CapEx) boom are shaping the landscape. In this briefing, Donald Greene and Chris Hyzy break down the latest macro trends and opportunities for charitable giving.

At a glance

Market backdrop: Inflation is moderating and markets have digested tariff headlines, recession worries, and bond-yield volatility.
What changed mid-year: Easing tariff noise, clearer rules, and a resilient consumer helped shift from repricing risk to a relief/workout phase.
Where growth is building: A CapEx boom tied to infrastructure, domestic capital equipment, and innovation (including AI) is unfolding now and beyond.
Asset allocation today: Momentum remains a factor, with opportunities across U.S. and select non-U.S. markets.
Giving strategies: Use of appreciated assets, donor-advised funds, qualified distributions from an individual retirement account to potentially increase after-tax impact – coordinate early with your advisor.

Meet the speakers

Don Greene

National Donor-advised Fund Executive
Bank of America Private Bank

Chris Hyzy

Chief Investment Officer
Merrill and Bank of America
Private Bank

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