The global economic landscape is defined by a deep and widening divergence as we cross the midpoint of 2025. The era of synchronized globalization is over. It has been replaced by a fragmented environment. Here, economic performance, inflation, and monetary policy are moving in different directions and at different speeds. For corporate treasurers, the second half of the year presents a complex challenge. They must navigate the crossroads of central bank uncertainty and escalating geopolitical risk. [...]