Economic Insights

Private credit is having a moment in the headlines. Higher interest rates and a pullback in certain types of bank lending have pushed more financing activity into private markets. Investors may be left with a simple question: What exactly is private credit?

In a world of high starting yields and rupturing economic alliances, investors who actively diversify across regions, sectors, and currencies can be better positioned to pursue durable returns.

As the market continues to broaden in 2026, a balanced approach matters more than ever.

AI is both a foundational technology and the ultimate replacement product, which we believe explains why it has attracted unprecedented levels of capital and why the investment opportunities are so compelling.

New Fed Chair Kevin Warsh is already reshaping policy communication by reducing forward guidance, questioning the dot plot’s future and emphasizing real-time data, potentially increasing Treasury market volatility.

Kevin Warsh, the newly appointed Federal Reserve chair, led his first committee meeting in June. The decision to leave short-term interest rates unchanged didn’t surprise anybody, but there was plenty for markets to chew on. Warsh seems likely to make structural changes that may not impact near-term monetary policy but could matter much more to the US economy over the long run.

Halfway through 2026, this market perspective is harder to write with confidence than most. That’s not a phrase I use lightly. Over four decades of markets, there have been plenty of uncertain moments, but the number of significant, unresolved issues I’m watching right now is unusually high.

What if the debt crisis investors have feared is not still ahead, but already here, unfolding in plain sight? In his June insight, Richard Bernstein, Global Head of Macro & Customized Investing, makes the case that the market may already be penalizing U.S. fiscal excess, not through a dramatic collapse, but through a slow burn with real consequences for investors and the broader economy.

According to Gleason, the freezing of Russian assets following the 2022 invasion of Ukraine accelerated the global push toward de-dollarization. Nations around the world took notice that access to the dollar-based financial system could be restricted, increasing the appeal of gold as a reserve asset that cannot be frozen or sanctioned by foreign governments.

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.

On May 5, 2026, researchers from Cleveland Clinic, RIKEN, and IBM successfully simulated a 12,635-atom protein complex using quantum-centric supercomputing, a problem relevant to drug discovery that classical computing could not match at comparable speed and accuracy.

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.

In broad terms, there appears to be little headline risk facing advisors and income investors mulling municipal bonds. All 50 states carry investment-grade credit ratings, confirming that their credit quality remains solid.

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.

The most important development this week was not the Federal Reserve meeting itself, but the sharp and unexpected decline in oil prices. Just days ago, many market participants expected crude to remain elevated amid ongoing tensions in the Middle East. Instead, WTI crude briefly traded with a 73 handle, only modestly above its pre-conflict levels and far below the $90-$100 range that many feared.

There’s a new sheriff in town over at the Federal Reserve. He sounds a lot different than the old sheriff, but one would be wise to remember that Kevin Warsh is enforcing the same laws in the same town as Jerome Powell did.

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.

Kevin Warsh, the newly appointed Federal Reserve chair, led his first committee meeting in June. The decision to leave short-term interest rates unchanged didn’t surprise anybody, but there was plenty for markets to chew on.

The ongoing World Cup showcases three countries working together. The USMCA review will reveal whether that cooperation extends beyond sport. A shared platform can continue to deliver strong outcomes, but only if the rules remain clear, stable and broadly accepted.

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%.

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.

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.

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 results of Kevin Warsh’s first official set of meetings on monetary policy as the Chairman of the Federal Reserve were like a breath of fresh air.

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

The announcement of an extended ceasefire in the Middle East is welcome news. The accord, which is scheduled to be signed late this week, reduces a source of geopolitical uncertainty that has hovered over the global economy. But significant risks remain.

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

Start with the disconnect itself. If you only looked at the Michigan headline, you’d assume the country was in a depression. However, when you look at what people are actually doing, the picture changes completely.

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.

Emerging market (EM) fixed income's risk-adjusted profile has meaningfully improved. Sharpe ratios across EM credit and local rates have rebounded, with EM credit delivering one of the strongest risk-adjusted performances in fixed income over the past two years.

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.