In the latest First Trust ROI Podcast, Senior Economist Strider Elass reviews the current state of the U.S. economy as we approach the end of 2025. Despite volatility driven by tariff changes, shifting Federal Reserve expectations, and the temporary government shutdown, Elass notes that overall economic conditions have held up better than many anticipated. He discusses how limited data during the shutdown affected market expectations, the outlook for upcoming rate decisions, and why employment trends and inflation remain key drivers of Fed policy going into 2026.

The podcast also examines consumer balance sheets, household debt dynamics, and the ongoing challenges in commercial real estate—particularly in the office sector. Elass highlights the economic impact of tariff uncertainty on businesses, the long-term importance of expanding U.S. semiconductor manufacturing, and the role artificial intelligence may play in improving future productivity. Overall, the episode provides a concise economic update and a forward-looking perspective on factors influencing markets as we head into the new year.