As we begin 2026, it’s worth reflecting on a year marked by defining moments that sought to reshape markets and the global economy, even as, from a high level, market returns were not all that different from the…...more
The U.S. economy remained resilient through the middle of the year, with GDP growth rebounding in the second quarter and likely to have expanded further in the third despite signs of a weaker labor market. ...more
In our 2025 market outlook, titled “Bridging the Divide,” we outlined three broad themes that we believed would influence markets in 2025: potential fragility from high valuations and a concentrated market; the need to add durability to portfolios…...more
Despite an acute bout of market volatility resulting from newly imposed tariffs, the U.S. economy and financial markets remained resilient throughout the second quarter. Equity markets rebounded from an early April selloff, with large cap indices pushing back…...more
Entering the new year, markets carried weak performance from December into the first quarter, and softened further in March as the new Presidential administration’s tariff priorities came into greater clarity....more
Based on the most recent data available, the U.S. economy posted strong growth in the third quarter of 2024 and retained that strength into the end of the year. Growth in the labor force has persisted, though at…...more
With 2024 now in the rearview mirror, we reflect on our outlook, titled “Prepare, Don’t Predict,” as well as the dynamic and unpredictable nature of financial markets. Two of our themes came to pass in 2024, with inflation…...more
The U.S. economy continued to expand strongly in the second quarter, and early third quarter data has shown signs of continued expansion, but potentially at a slower pace. For the second quarter, the Bureau of Economic Analysis estimated…...more
In our 2024 outlook, titled “Prepare, Don’t Predict,” we outlined three broad themes that we believed would influence markets in 2024—inflation stuck in the “messy middle,” consequences of a concentrated market, and preparation for a possible recession. With…...more
The U.S. economy remained resilient in the second quarter but has shown signs of weakening after abnormally strong growth in the prior two quarters. The Bureau of Economic Analysis estimated that real GDP grew at a seasonally adjusted…...more