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As we look ahead to 2026, political risk isn’t just about interest rate cuts. Aggressive easing from the Federal Reserve may stabilize markets in the short term, but it collides with a less visible risk: trade policy. Tariffs and other tools of economic statecraft are quietly re-introducing inflationary pressure in ways traditional models struggle to capture. Some of the most important risks won’t appear cleanly in headline data. AI-driven labor disruption, shifts in job quality, and productivit