The market has good years and bad years, but every now and then a vexing year is on the docket. 2025 could be just such a year. On one hand, there’s a lot of encouraging signs and potential tailwinds. 2024 was a strong year for equities. Despite an extended period of elevated rates, the Fed appears to have successfully curbed inflation without cratering the economy.  But headwinds also abound. There is little to no clarity about how quickly rates will come down. The incoming administration is promising deregulation, but the approach to tariffs could create headaches for consumers. Geopolitical tensions threaten global economies, supply lines, and more.