The Trump tariff storm, the US-Israel-Iran Middle East "great melee," the Federal Reserve's "leadership change" turmoil... An article reviewing the top ten global macro events of 2025

In 2025, the global macro order experienced systemic fractures, and turmoil became the new normal: Trump's "reciprocal tariffs" severely impacted the multilateral trade system, U.S. fiscal policy expanded comprehensively under the "Inflation Reduction Act," the federal government shutdown set a new historical record, and the "Twelve-Day War" reshaped geopolitical risk pricing. For the first time, global central banks exhibited directional divergence, and the independence of the Federal Reserve faced unprecedented challenges. Institutional failures were quickly priced in by the market: gold surpassed $4,500, and the U.S. dollar recorded its worst performance in twenty years