ISA Briefing: Working backwards: Dealing with unprecedented policy uncertainty

A reader waking up from a quarter-long slumber on April 1, 2025 would be forgiven for confusing the headlines for an April Fools’ Day prank. They would scan the news and see stories about: • large tariffs alternately announced, rescinded, delayed and reintroduced at a breakneck pace (see LaSalle Macro Quarterly , or LMQ , p. 4); • US equities in correction territory as ex-US markets, including…