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Another rate cut from the Federal Reserve this week has taken U.S. interest rates into a new era where we think every rate cut not only means that policy gets easier, but risks becoming too easy, all while the decisions only get harder.
The rally in 2025 and throughout the longer bull market cycle has been uneven with the largest of large-cap stocks dominating. Key charts illustrate this phenomenon, and we discuss how to factor this into portfolio strategies.
After three consecutive years of strong gains for most equity markets, nothing historically rules out a fourth.
Key themes have the potential to shape economic developments and drive certain sectors for decades to come.
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.
The White House has made broad interpretations of existing legislative authority to make unilateral policy moves. We examine how this centralized ad hoc decision-making raises structural concerns and how the economic policy framework may evolve.
