The Price perspective

After three strong years, a more modest outcome from equity markets appears likely. Loose fiscal policy in the US and elsewhere, the lagged impact of 2025’s rate cuts, with more possibly from the Fed and BoE in 2026 and continued strong business investment...

U.S. stocks powered through tariff turbulence on the way to all-time highs. But it’s only natural to question whether the three-year winning streak can be extended. We look at what drove equities in 2025 and how prospects for 2026 are shaping up.

Long-term economic trends have left the U.S. economy increasingly reliant on spending by upper-income households. We unpack the potential implications for economic stability and Federal Reserve policymaking.