Internal HONOUR Team report (Q4 2025, revised December 22). Focus on the FED’s “restrictive cut” and institutional independence, FOMC stability into 2026, resurgence of gold and precious metals as strategic reserves, USD weakness vs real assets, JPY as volatility trigger amid potential BOJ tightening and carry trade unwind, U.S. yield curve steepening with $8T refinancing risk, commodities outlook (uranium, copper linked to AI energy demand), equity rotation toward VALUE amid heavy AI capex and pressure on free cash flow, and emphasis on real‑economy investments (infrastructure, mid‑market PE, energy). Informational document—not investment advice or solicitation.