Capital Growth

Kevin Warsh’s first Federal Reserve meeting as chair mattered less for the rate decision than for what he revealed about how the Fed intends to operate. Warsh signaled a shift toward less guidance and more flexibility.

Municipal bonds often see a seasonal lift during the summer months. This pattern, known as summer technicals, stems from a straightforward supply and demand imbalance that tends to favor bond prices. Over the past ten years, the summer months (May through July) have generally been positive months for the Bloomberg Municipal Bond Index, with monthly returns averaging +0.83%, +0.43%, and +0.82%, respectively.

The international ETF landscape has become quite popular with investors over the last year. Investors flocked to ex-U.S. equity opportunities over the last 12 months, driven by high domestic valuations and persistent concentration risk. By contrast, emerging and international markets have both offered lower costs and healthy diversification.

In a digital-first environment, reputation is no longer a byproduct of success; it is an asset class in its own right. For ultra-high-net-worth families, reputation capital can influence investment opportunities, business partnerships, philanthropic impact, and multigenerational legacy. It can also be exposed, amplified, or undermined in real time.

It’s easy to understand why investors are skeptical about value stocks. After nearly two decades of chronic weakness, value’s strong rebound since early 2025 hasn’t offered enough proof that the turnaround has staying power.

THOR builds upon the success of the firm’s Thornburg Investment Income Builder Strategy, bringing that same income generation expertise into a flexible, actively managed ETF.

Equities rallied after President Trump announced an agreement with Iran to end their conflict and reopen the Strait of Hormuz. The S&P 500 and the NASDAQ finished the holiday-shortened week with solid gains, led by the technology sector.

While the market-cap methodology has been the guiding principle for equity index creators, it’s increasingly viewed as a structural error in the world of fixed income. Today, TMX VettaFi is helping to spearhead a growing movement of index innovators who are inclined to challenge the fixed income status quo.

U.S. equities posted a modest advance during the holiday-shortened trading week despite a Wednesday sell-off following a more hawkish than expected Federal Reserve meeting under its new chair, Kevin Warsh.

The rising debt burden of the U.S. government is becoming an increasingly serious economic concern. While it may not be an immediate crisis, it has the characteristics of a slow-moving domestic pandemic.

The corporate world is awash in capex. Leaders in the artificial intelligence (AI) arms race are pouring hundreds of billions of dollars into tech projects, and uncertainty surrounds their profitability. For now, the market rewards this use of cash, but it’s not without pitfalls. Share buybacks, for instance, are seen as a net loser, while the S&P 500^® dividend yield has sunk toward all-time lows near 1%.

Here’s the setup most investors are underrating right now. Over the next two weeks, the tape will trade on plumbing rather than fundamentals. We just cleared the largest options expiration in history. Quarter-end pension selling comes next, and then July 1 reopens the passive-money firehose into a market that already routes forty cents of every S&P 500 dollar into ten stocks.

The fixed income environment continues to project uncertainty, as higher-for-longer interest rates persist amid sticky inflation. Investors may want to lean on the expertise of active managers when deciding between an active and indexed fund.

A real, potentially lasting U.S.-Iran deal appears to be on the horizon for the first time in many weeks of on-, then off-again negotiations. Should this be the deal that does it, or another one in the near term, oil prices will respond. In fact, they’ve already dropped in response to the news that the Strait of Hormuz will reopen.

Kevin Warsh, the new chairman of the FOMC, has long been critical of forward guidance, which is the Fed’s practice of explicitly signaling the future path of interest rates (e.g., “rates will stay low for an extended period” or publishing a projected path for policy rates). His concern is that the guidance could give the impression that policymakers might have a high degree of confidence about the future path of the economy and rates.

The US-Iran conflict – and its impact on oil prices – has dominated headlines over the past three months. Higher oil prices have pushed inflation to a three‑year high, reshaping the Federal Reserve’s rate outlook.

Humanoid robots grab headlines, but they are just a fraction of the physical AI ecosystem. Autonomous robots, drones, cobots, and eVTOLs are rapidly scaling across industrial and defense sectors.

On Monday, President Donald Trump announced that the U.S. and Iran have reached a peace deal to reopen the Strait of Hormuz, the 21-mile chokepoint through which roughly 20% of the world’s oil supply normally flows.

The most consequential decisions a founder will face, equity gifting before valuations increase, trust structures timed ahead of a sale, QSBS qualification built while eligibility still exists, all must be decided before liquidity. Once the transaction closes, much of what was available earlier is simply gone.

Chris Galipeau discusses high-conviction insights that go beyond media headlines.

Discover why DoubleLine's Jeffrey Gundlach is urging a structural defensive rotation into emerging markets and international assets.

The emergence of leveraged ETFs tied to Space Exploration Technologies (more familiarly known as SpaceX) points to strong investor demand for concentrated exposure.

The convergence of long-term structural drivers and emerging cyclical tailwinds suggests the industrial sector may be approaching an inflection point, with conditions increasingly supportive of new development.

Investors have plenty of reasons to celebrate the covered call ETF boom. Covered call strategies have offered new ways to add income to portfolios. Challenges in fixed income were a catalyst for assets to flow into traditional covered call ETFs.

There is a great deal to unpack from this week’s press conference by the new chairman of the Federal Reserve, Kevin Warsh. Most striking is his markedly different approach to Fed communications. This was evident not only in the statement accompanying the federal funds rate decision, but also in the abandonment of forward guidance and his reluctance to provide insight into the committee’s internal deliberations.

We all know that Congress is never going to allow Social Security not to be paid. This begs a number of questions. Will the shortfall be addressed by tax increases, benefit reductions, increasing the retirement age, changing the inflation measures, means testing or some combination of these and other solutions?

As the summer economic landscape takes shape, investors are navigating shifting monetary policy, stubborn inflation pressures, and unexpected market momentum. This week’s snapshot breaks down the most critical updates and data releases from the past week to give you a clear view of where the economy is heading.

Kevin Warsh came out as a hawk during his first press conference as Federal Reserve (Fed) chair. Franklin Templeton Fixed Income CIO Sonal Desai believes that he may be the most hawkish chair since Paul Volcker. Warsh stressed that the Fed can and will bring inflation back to 2%, and signaled his preference for a smaller balance sheet and no forward guidance—a welcome return to more orthodox monetary policy.

Co-packaged optics, the technology of integrating lasers and optical components directly into network switches rather than using pluggable modules, is becoming the standard architecture for large-scale GPU clusters, and Nvidia needed to lock in supply for the buildout it is planning.

Reserve managers' decisions on EM debt go beyond investment potential—they must also weigh considerations such as governance, resources and liquidity.

In an effort to streamline retirement income planning, MassMutual Strategic Distributors has launched a behavioral framework.

Higher-for-longer interest rates and ongoing geopolitical friction make navigating emerging markets (EM) and capturing their growth potential a trying task. This is where investors can shift the onus of EM investing to experienced portfolio managers, with an active fund such as the Fidelity Fundamental Emerging Markets ETF (FFEM).

One of the key questions for investment professionals is whether oil prices will return to pre-war levels once the Middle East crisis is resolved. At the same time, many are asking why oil prices are not higher, especially since the latest geopolitical deal recently pushed crude to its lowest level since the initial attack.

It’s a busy finish to the first half on the corporate event calendar. The bulls have the lead, but the bears have had their moments of glory so far this year. A handful of key AGMs, conferences, and earnings events will keep investors on their toes amid a colorful macro backdrop.

Green life, sustainable mutual funds, buying local, the “buy nothing” movement, plastic-free living, eco-fashion, electric vehicles. You’ve seen all the headlines about reducing your impact on the planet, but you may be wondering how you can best implement a greener workplace in a way that considers the needs of your business, employees and clients or customers.

The questions in our inbox have gotten louder lately. Are we reliving 1999? Has the tech rally reached the dangerous ‘Euphoria’ bubble stage we first discussed in our 2026 Outlook? And is the recent surge in initial public offerings (IPOs)— led by SpaceX on Friday— diluting existing holders just as valuations were already drawing scrutiny?

In my 45 years in the investment business, we’ve observed numerous peaks of excitement. In 1987, a bull market that started at a 1982 bottom below 800 on the Dow Jones Industrial Average (DJIA) peaked at 2,722. It then crashed 43% in 78 days.

In August 2025, the US President Donald Trump signed an executive order aimed at broadening the investments available in defined contribution plans (DC plans). On March 30, 2026, the US Department of Labor issued proposed guidance regarding a plan fiduciary’s selection of investments, including private market and other alternative investments, in 401(k) plans.

In this video, Chuck Carnevale explains why dividend growth investing may be one of the most predictable and dependable strategies for long-term investors, especially those seeking retirement income. While many investors view stocks as risky due to daily price volatility, Chuck argues that focusing solely on stock prices can be misleading. Instead, he emphasizes that the most reliable component of stock ownership is often the growing stream of dividends paid by high-quality companies.

The catalyst that turns a healthy pullback into something deeper won’t be a single oil-soaked CPI print. It’ll be the moment forward earnings expectations start to roll over while valuations sit at the high end of history. We aren’t there yet.

The Federal Open Market Committee (FOMC) meets this week in what will be Kevin Warsh’s first meeting as Chair of the Federal Reserve. President Trump has been vocal about wanting to see lower yields and general consensus is that Warsh was his pick due to Warsh’s general lean towards lower rates.

The slippery slope never fails. Go back to the 1979 Chrysler bailout and we can find the roots of the US government’s current predilection for getting involved in stocks and bonds.

On Monday, June 15, Guggenheim Investments debuted a pair of new fixed income ETFs. Each of these new funds offers an active take on the fixed income space. This may help investors looking to amplify portfolio yield.

On June 12, SpaceX went public with a US$2 trillion valuation—the largest initial public offering (IPO) ever, by far. It has been the most anticipated IPO in more than two decades and likely ushers in a series of high-profile IPOs in the coming months, including for OpenAI and Anthropic.

One of the most debated topics in private credit is the size of the investment opportunity – or, in industry parlance, the total addressable market (TAM). But the way TAM is typically framed can be misleading.

Markets returned to positive territory for the week, with the turning point occurring Thursday after the announcement of a potential deal with Iran that would extend the ceasefire while reopening the Strait of Hormuz for the first time since February 27.

The Iran conflict, inflation reports, and the largest initial public offering of all time each took its turn in the spotlight last week. The fragile ceasefire with Iran looked ready to collapse after Iran shot down a U.S. Apache helicopter, and the U.S. retaliated with strikes on Iran.

A massive advisor retirement wave is reshaping wealth management. Discover how $2.5 trillion in assets may fuel industry transformation.