General Situation Following the restrictive cycle of 2022–2024 triggered by the inflation crisis, the fourth quarter of 2025 continued the trend observed throughout the year, signaling a phase of macroeconomic normalization. Inflation is now close to central banks’ targets, allowing the continuation of interest rate cuts. Growth, however, remains moderate in Europe and Italy, while it is more robust in the United States, albeit with signs of cyclical slowdown in the labor mar

General Overview The macroeconomic environment in the third quarter of 2025 showed clear signs of fragility. The main economic blocs slowed, and in July, the International Monetary Fund revised global economic growth down to 3%. The main drivers of this slowdown are the persistence of trade tensions and the continuation of relatively restrictive monetary policies. In the United States, the Federal Reserve maintained a cautious stance, also due to the impact of new import tari