Miller addressed the recent three-month period marked by tariff volatility, beginning with U.S. tariffs on Canadian imports. Despite initial market instability—including a 14% drop over two days—markets have since rebounded, with the S&P 500 surpassing post-election levels and reaching approximately 6400. She noted that 24 of the best 25 trading days in the last two decades occurred near the worst-performing ones, reinforcing the importance of long-term investment strategies and resilient asset allocation.
Additional topics included the growing decoupling of gold from fixed income, with gold returning 28% year-to-date. Central banks have been increasing gold reserves, creating opportunities for retail investors. Miller also discussed the evolving role of Bitcoin, led by early institutional adoption from firms such as BlackRock, and its potential to enhance portfolio resiliency.
On tariffs, Miller described the economic impact as a short-term shock with limited long-term inflationary effect. While trade tensions, particularly with China, continue to drive global volatility, China remains a key player in sectors like semiconductors and medical devices.
Labor market trends and elevated interest rates were also addressed, with decreased consumer spending helping to ease inflation. The underperformance of the “Mag 7” which Miller called the “Lag 7” was attributed to continued capital investment in AI infrastructure, reflecting a normalization rather than a retreat.
The event concluded with commentary on shifting global bond strategies, noting increased investor interest in international markets amid U.S. Treasury uncertainty. Miller affirmed BlackRock’s outlook on the strength of U.S. markets while advising readiness for ongoing market volatility.
A special thanks to Northstar Resource Group for their partnership and support of this program.
