Q1 2026 Economic and Market Overview
The U.S. economic growth hit a soft patch to end 2025 and has shown signs of fragility at the beginning of 2026, leading to more modest growth expectations for the year to come. ...more
Market Commentary
April 20, 2026
March 24, 2026
Markets Memo: Geopolitics, Energy, and the Fed
March certainly came in like a lion, and we hope it goes out like a lamb. At the start of the month, the U.S. and Israel carried out coordinated strikes on Iranian military infrastructure....more
January 20, 2026
Q4 2025 Economic and Market Overview
Despite tariff-induced volatility and slower labor market growth, the U.S. economy remained resilient throughout the latter part of 2025 thanks to robust spending by consumers and businesses....more
January 13, 2026
2026 Outlook: The Discipline Dividend
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
October 16, 2025
Q3 2025 Economic and Market Overview
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
August 4, 2025
2025 Mid-Year Update: Crossing with Confidence
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
July 21, 2025
Q2 2025 Economic and Market Overview
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
April 10, 2025
Q1 2025 Economic and Market Overview
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
April 8, 2025
Markets Memo: Tariffs & Trade Wars
Last week, the Trump administration followed through on one of its largest campaign promises, implementing a slew of new tariffs against goods from nearly every U.S. trade partner....more
January 23, 2025
Q4 2024 Economic and Market Overview
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