The first half of 2025 was replete with uncertainty, market volatility, tariffs, wars, and disagreements in Washington on federal taxes and spending. Despite these factors, underlying demand appeared to hold up. But will the economy begin to fray as we enter the second half of the year? Will there be spillover effects into 2026? What will the Fed do? This discussion will explore expectations for the US Economy in the second half of this year, plus upside and downside risks to the base case.