Macquarie's McCormack expects 'constructive environment,' healthy growth

Daniel McCormack, head of research for Macquarie Asset Management, says that heightened volatility in 2025 should make investors want to stay nimble and flexible, but he expects reasonable growth and a healthy environment. Sharing his outlook for 2025, McCormack says he expects China to begin "exporting inflation again," which could the U.S. back above a 3 percent inflation rate, which might slow down the pace of rate cuts, but it won't throw the economy into a recession. Larry Holzenthaler, portfolio manager for First Eagle Alternative Credit, gave his outlook for credit markets in 2025, noting that after avoiding default troubles when rates were rising, the picture is better now, particularly in private credit. Jennifer White discusses a J.D. Power study showing that consumers don't think their bank will help them out in an emergency, and how banks might be more helpful than customers expect, and Chuck answers a listener question about sequence-of-return risk.