Reflections on the First Six Months of the Trump Administration

Over the past week, we hosted two events at our offices in Rio de Janeiro (August 20) and São Paulo (August 21) to discuss the first six months of the new Trump administration and its impact on global markets.

In Rio, we welcomed Bruno Coutinho, partner at Mar Asset; in São Paulo, we were joined by Bruno Cordeiro, partner at Kapitalo Investimentos. Both shared their perspectives on the direction of U.S. economic policy and its implications for interest rates, inflation, global assets, and overall risk appetite. The discussions, moderated by João Mello, Portfolio Manager at Turim, also explored the spillover effects of this global environment on Brazil — including the recent recovery of local assets, the current fiscal and monetary policy mix, and the electoral outlook for 2026.

We thank all those who joined us for these conversations. We remain committed to fostering thoughtful dialogue that supports a strategic, long-term perspective on markets.