With the global economy proving more resilient than expected, we upgrade equities to overweight.
Over the past three years, the economic conversation has been a “promised recession.” If you read the headlines, tracked economist surveys, or even listened to Wall Street strategists, you would have assumed a downturn was imminent. And yet, here we are, late into 2025, and the U.S. economy is still standing.
In the absence of primary government indicators, policymakers and investors alike must turn to private sector releases to find clarity. These secondary reports paint a picture of a cooling labor market and an increasingly cautious consumer.
Powering intelligence: the molecules, metals, and markets behind AI.
With the third quarter (Q3) behind us, we decided to conduct a deep dive into the key factors that shaped Q3 performance. Below, we’ve highlighted what we believe to be 10 of the key takeaways.
How the shutdown may impact the Federal Reserve, the economy, stocks and bond yields.
DoubleLine Capital says the popular strategy of betting on a steeper Treasury yield curve has plenty of room to run with the political gridlock in Washington only lending support to the trend.
Locking in attractive bond yields can support long-term returns, especially as central banks cut interest rates and tariff effects pose risk to global economic growth and inflation.
The government shutdown may spark some short-term volatility, but investors aren’t likely to bear the brunt of a red October.
Despite inflation remaining a concern, the Federal Reserve (Fed) cut interest rates in response to weakening jobs numbers. This allowed small-cap equity performance to lead a month that was generally positive across sectors, cap sizes and asset classes.
September’s rate cut may be exciting for many investors’ equities holdings, but those same investors may feel less excited about the income on offer from bonds going forward. Falling rates, of course, lead to falling yields in numerous debt securities and offerings.
In the coming week, several Federal Reserve officials will speak following the recent decision to resume rate cuts.
Portfolio manager Lew Sanders has quietly built a legacy as one of the most influential value investors of the past 50 years.
Over 60% of small cap investors use passive funds, but we strongly believe this is a missed opportunity, as small caps have consistently been one of the most reliable sources of alpha available in the public markets.
Sometime in the coming months, the impact of US tariffs will begin to be felt in India — and it will not be pretty.
Get ready each week with high-conviction insights that go beyond media headlines.
My reasons are simple. The debt pile is unfathomably massive, and it’s accelerating. Fiscal imbalances are widening, and monetary policy is being constrained. The Fed can’t raise rates aggressively without bankrupting the government, but it also can’t make deep cuts without tanking the dollar.
Too little attention was paid at the start of the decade to the likely hangover from a heady cocktail of cutting interest rates close to zero and increased bond buying via quantitative easing — at the same time as governments delivered a bucketload of fiscal stimulus.
While the market is betting on an economic revival to support current valuation levels, the real economy is suggesting things are slowing down. Notably, the evidence isn’t coming from obscure corners. It’s showing up in the indicators designed to give us a heads-up before a storm arrives.
Last week’s economic data presented a sharp contradiction between a resilient U.S. economy and increasingly concerned American households.
Investors are increasingly confident that the U.S. Federal Reserve will cut interest rates several times through mid-2026, signaling a more aggressive easing cycle.
Private credit isn’t necessarily new to retail investors. In fact, closed-end funds (CEFs) and business development companies (BDCs) have been giving everyday investors access to private loans and middle-market financing for years (see my previous note here). What is changing now is the scale and accessibility.
The rapid growth of artificial intelligence (AI) is fueling a massive buildout of power-intensive data centers, creating a significant new source of domestic energy demand.
For years, midstream companies have generated significant free cash flow (FCF), which has differentiated them from the broader market. With balance sheets in good shape, excess cash has been used to reward shareholders with dividend growth and opportunistic equity repurchases
Dividend-increase announcements are on the rise. According to the Wall Street Horizon research team, 71.9% of all dividend changes have been positive so far in 2025.
Treasury Inflation-Protected Securities, or TIPS, can help buffer a portfolio against inflation. However, it's important to understand their unique characteristics and complex nature.
Municipal bonds, commonly referred to as “munis,” are debt securities issued by states, cities, counties, and other state governmental entities to fund public projects.
Clearer policy and lower rates are favorable for growth.
The US economy grew in the second quarter at the fastest pace in nearly two years as the government revised up its previous estimate of consumer spending.
On Sept. 9, Russell Investments hosted a webinar examining the rising demand for overlay solutions, how overlay strategies are evolving and how institutional investors are using these tools today.
How can investors navigate the diverse, dynamic field of corporate and asset-backed opportunities?
Division by zero is known as a “singularity.” It’s the point where equations break down, values become “indeterminate,” things stop working normally, and variables shoot toward infinity and suddenly collapse on the other side.
Drew O’Neil discusses fixed income market conditions and offers insight for bond investors.
Cullen Rogers, Chief Investment Officer at Wedbush Fund Advisers, highlights the Dan Ives Wedbush AI Revolution ETF (IVES) and explores the broader investment thesis fueling interest in artificial intelligence. Craig Ebeling, Head of ETF Strategists at Fidelity Investments, outlines key factors to consider when evaluating income-generating ETF strategies and offers timely guidance on tax-loss harvesting ahead of year-end.
France, Britain, and the Fight for Fiscal Credibility
During last week’s press conference after the Federal Reserve’s (Fed) rate decision, Chairman Jerome Powell warned his audience there is no risk-free path for interest rates right now.
The Fed operates under a dual mandate: to promote price stability and maximum employment. Lately, employment has taken center stage, prompting the Fed to resume its easing cycle with a 0.25% rate cut this week.
With German fiscal spending rising, interest rates low and reforms continuing, European value stocks have the potential to shine despite the current political uncertainties, says Franklin Mutual Series.
While the last 12 months were profoundly shaped by the incoming Trump administration’s DOGE program, tariffs, immigration and foreign policy, what hasn't changed over the last year is that the bond market still represents good value despite policy initiatives that cloud the outlook: “We think the Fed is poised to ease, given weak employment reports,” Pierson said.
One of the most critical resources in 2025 is compute power. Chips and the data centers that house them have become the 21st-century equivalent of refineries and power plants, and governments are increasingly treating them as such.
Money managers and strategists are betting that the Federal Reserve’s shift back to cutting interest rates will pour fuel on the biggest emerging-market bond rally in years.
At BlackRock Inc., PGIM and other Wall Street firms, bond-fund managers are sticking to trades that will likely pay off even if the Federal Reserve’s path is again knocked off course by surprising turns in the economy.
The Federal Reserve’s September meeting may be remembered less for the modest quarter-point cut it delivered and more for what it revealed about the state of the institution itself.
The US Federal Reserve’s (Fed) recent interest-rate cut is a shift in monetary policy that could signal a change in how retirement plan sponsors view capital preservation strategies.
For years, private credit firms have focused on financing private equity buyouts or closely held companies that had limited access to capital. Now, they are zeroing in on their next frontier: Large public companies that want to diversify their funding mix.
The Federal Reserve resumed its rate-cutting cycle at the September meeting, lowering its policy rate by 25 basis points (bps) to a range of 4%–4.25%, after being on hold since its previous cut in December. The Fed also signaled a less restrictive stance to come amid mounting labor m
Blended finance has the potential to transform overlooked markets into investable opportunities.
As expected, the Federal Reserve cut its short-term interest rate, citing concerns about slowing job growth. Where Fed policy goes from here is less clear.
Apollo Global Management Inc. is set to use a rare structure to raise $10 billion from insurers, people with knowledge of the matter said, in the latest illustration of the increasing ties between private capital and annuity providers.
