The S&P 500 is up more than 9% this year, but there are many reasons to believe that could change. The President Trump is attempting to influence the Fed, the job market has slowed, and business and consumers are adjusting to a new tariff reality with unknown economic consequences.

Amid the uncertainty, Ayako Yoshioka, portfolio consulting director at Wealth Enhancement, cited two familiar concerns—higher inflation and accelerating unemployment—as primary risks for investors as 2025 heads to a close. She also shared key investing moves to prepare for what lies ahead.

Higher Inflation

Inflation, in terms of changes in the Consumer Price Index…

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