“We haven't seen a negative print on GDP in probably at least 18 months, if not more...but we also have to look at why we have a negative print this time....With those tariff policy announcements, and even before Liberation Day, there were already a lot of concerns that higher tariffs to Mexico and Canada was going to upset that supply chain. The reaction from importers was to put things on boats, ships and airplanes as quickly as possible. And so they stopped inventories. We saw inventories grow by about $100 billion over norm in the first quarter...We normally see that in the third quarter ahead of the holiday season,” said Jerry Braakman.
Jerry Braakman, President and Chief Investment Officer, and Jason Nerio, Director of Investment Research and Strategy, share their insight on current business cycles and market trends. Watch this video to learn more.
Recorded: May 13, 2025
Speakers:
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Jerry Braakman President, Chief Investment Officer First American Trust |
Jerry brings 25 plus years of experience with the firm in various management roles. As Chief Investment Officer, Jerry oversees the investment outlook, portfolio strategy, asset allocation, risk management, and investment processes. He regularly provides expert commentary on the financial markets to various media outlets including The Wall Street Journal, Associated Press, Reuters, CNBC, and Bloomberg.
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Jason Nerio Director, Investment Research and Strategy First American Trust |
Jason Nerio is the Director of Investment Research and Strategy at First American Trust. Mr. Nerio has more than 25 years of investment research experience. He is responsible for formulating investment strategy and serves as a leading member of the investment committee which monitors and manages the firm’s allocation strategies for over $1 billion in client assets.
