The U.S. economy is undergoing multiple regime shifts simultaneously. Given the rapidly changing economic and financial landscape, investors need to be wary of becoming overly dependent on the Federal Reserve’s guidance on interest rates.

The upending of the international order of trade and finance, the wrenching down of immigration flows, mercantilist trade policies and the U.S. government’s increasing interest in the economic affairs of leading U.S. companies could serve as impediments to growth while keeping inflation above the Fed’s 2% target.