Fixed Income

This week, our Portfolio Manager Olga Bezrokov sees tentative signs of improvement emerging in Europe, although she cautions that the recovery remains uneven across countries and sectors.

For an asset often designated as a store of value, gold volatility has been especially apparent this year. After starting off the year with a high-paced record-setting run that lifted the metal to nearly $5,600 an ounce, including a 13% rally in January alone, momentum quickly faded as tensions with Iran ratcheted higher.

Investors are used to a swirling mass of scary headlines and geopolitical and monetary risk. Yen carry trade and yield concerns, however, may have some feeling of trepidation. Despite those risks, equities continue to appeal.

Funding a college education can be one of the biggest financial goals for a family, and it often requires a comprehensive approach.

Markets are largely reducing expectations for a near-term U.S. Federal Reserve (Fed) rate hike, and we agree. July’s weak jobs report, the underwhelming retail sales report, and continued softening of the monthly inflation figures give the Fed room to stay patient in the coming months.

Investors who focus only on tomorrow’s gold price may miss the larger purpose of owning precious metals. Gold and silver are not merely vehicles for chasing a rally. They are tools for preserving purchasing power during periods of fiscal and monetary instability.

On Wednesday, August 26, 2026, Northern Trust Asset Management expanded its suite of distributing ladder ETFs with the launch of eight new funds. The newly launched ETFs offer additional target maturity options for Northern Trust’s existing strategies.

Last week, the U.S. Treasury Department surprised the bond market by announcing that it would at least double selected long-end bond buybacks.

The bond market rarely dominates the financial headlines. But with a light economic data release schedule and earnings season largely in the rearview mirror, the bond market took center stage last week.

Trade talks between Canada and the U.S. fell apart on Saturday, resulting in the Section 338 tariffs on a subset of Canadian goods taking effect. In response, Canada has pledged to implement

U.S. labor force participation is declining due to an aging population, slowing immigration, and other factors. This could impact economic growth and earnings moving forward.

Earnings have built a strong foundation. As we wrote earlier this month, earnings have provided a strong foundation for stocks this year. With second quarter earnings growth for the S&P 500 on track to exceed 30% (excluding private investment mark-ups) and analysts continuing to raise estimates, it's safe to say this season strengthened the fundamental case for equities.

Victory Capital Holdings, Inc. (VCTR) announced an acquisition of First Eagle Investments Wednesday, a deal that will create a combined asset manager with $571 billion in client assets, the companies said.

The most durable assumption in global investing is also the most outdated: that the United States is fundamentally a consumption story and China is fundamentally a capital-expenditure story.

European equities have long been written off as the ultimate value trap — a sleepy, slow-growth market living in the shadow of Wall Street’s tech-fueled mega-rally. But a massive shift in market dynamics is unfolding across the Atlantic.

Equity markets stumbled this week despite an economic backdrop that continues to show signs of broadening. While concerns about consumer strain are mounting, those worries have so far been offset by ongoing strength in business investment, particularly spending tied to artificial intelligence (AI).

Markets continue to hold up remarkably well as we move through the traditionally difficult second half of August, but the risks beneath the surface have shifted. Commodity prices are rising, money growth remains stronger than I would like, and long-term interest rates are again testing important levels.

It’s been a busy year in the game of ETF landgrab. And a colorful one, too. From exciting M&A deals to some splashy building-from-scratch newcomers, we are seeing a little bit of everything as asset managers look to build scale and capture the impressive growth momentum of the ETF market.

James Carville, Bill Clinton’s chief political advisor, once quipped that if he could be reincarnated he wanted to come back as the bond market because “You can intimidate everybody.”

Interest rates are moving higher, and the forces behind the move appear to be persistent inflation and an economy that continues to grow more strongly than many anticipated. Economic growth is generally advantageous, and moderate inflation is a normal feature of a healthy economy.

As the credit cycle ages, defaults are likely to remain front and center. But for investors evaluating private credit alongside public markets, measuring defaults is not as straightforward as it may seem.

Macro strategists and global portfolio managers have their hands full on this final week of August. As we said recently, this is no time to mail it in before Labor Day in the U.S. And for equity traders and bottom-up analysts, NVIDIA (NVDA) writes the storyline in the sessions ahead. The world's most valuable company reports Q2 results after the bell on Wednesday.

This may come as something of a surprise since the financial press has not written or said much about how well this important—and opportunity-rich—subset of small-cap has performed over the last several months.

In the first part of this series, I promised that the next enemy we would face is the one you cannot fire, mute, or unfollow, because it is “You.” You can learn every valuation metric ever invented, memorize the two questions that decide everything, and still hand most of your returns back to the market for one simple reason.

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

Without a doubt, the number-one story in the financial markets of late has been the run-up in longer-dated Treasury (UST) yields. Indeed, headlines in both traditional and social media have centered on the fact that bond yields are now at levels not seen in nearly 20 years, or the time period right before the Financial Crisis hit in 2007.

The 30-year U.S. Treasury yield has touched roughly 5.3% in the past week, a level not seen in nearly two decades. Global counterparts in Europe, the U.K., and Japan have climbed to similar heights.

For the past five weeks, markets have been focused on a steady stream of corporate earnings, supported by upbeat management commentary and another quarter of strong results. But with second quarter 2026 earnings season nearing its end, investors' attention is shifting back to the macro backdrop.

U.S.-listed ETFs pulled in a record $193.42 billion in July, pushing year-to-date net inflows to $1.23 trillion. That total is the strongest seven-month haul on record, according to ETFGI’s July 2026 U.S. ETF industry report.

The debt problem is real. It just isn’t a bomb. As we’ve written before, the debt and deficit problem isn’t what you think. It’s a tax on future growth, collected slowly, and normal interest rates are simply the price of money doing its job, not the crisis the headlines keep selling.

Most of us try to be mindful not to put all our eggs in one basket. But the now-familiar concern that most portfolios are quite concentrated in a relatively small group of large US tech companies means that investors may still be doing just that.

Today, the backdrop for real assets has reset. Growth is returning, but in different parts of the market than many investors remember. While in the post-pandemic period performance was defined by scale, now it is the result of adaptability and having access to a broad array of organization sizes and business plans.

The minutes from the most recent Federal Open Market Committee (FOMC) meeting, released this week, revealed a committee that remained broadly hawkish. Policymakers continued to characterize inflation as elevated and emphasized that upside inflation risks persist.

To some, the debate over inflation targeting is largely an academic exercise. But its outcome will have direct consequences for the paths of global interest rates and global markets. Some background on how we arrived at this juncture, and where we might go from here, follows.

In this video, Chuck Carnevale examines 20 fast-growing businesses that appear reasonably or attractively valued, focusing on the GARP principle—Growth at a Reasonable Price. The central message is that investors shouldn’t simply look for great companies; they should look for great businesses at sensible valuations.

In the early weeks of Kevin Warsh’s start as chair of the U.S. Federal Reserve, there has been renewed focus on how “underlying” inflation should be measured to guide decisions on interest rates.

On the back of the White House’s cryptocurrency confab, which brought together policymakers and leaders of the digital asset community, Bitcoin notched a double-digit gain over August 19-20 — a rally that pumped new life into the largest digital currency.

For 11 of the 12 years following the 2008 financial crisis, U.S. stocks beat international markets. But that trend has flipped: Over the past four years, international equities have taken the lead.

The truth about the runaway costs of healthcare turns out to be a little more complex than any single source we've named. Hospitals, insurers, private equity, administrators, pharmaceutical companies… pull the thread on any one and we land in the same overextended, bloated, extractive system.

U.S. debt may not be at an immediate breaking point, but persistent deficits, higher rates, and rising interest costs are narrowing fiscal space and market tolerance.

GMO’s liquid alternatives are hedge fund strategies (e.g., equity long-short, global macro, event-driven) managed with an emphasis on risk control and liquidity. The GMO Alternative Allocation Strategy (“ALTA”) is a liquid alternative solution combining several underlying strategies; ALTA is available in a mutual fund with daily liquidity.

On August 19, the US Treasury announced that it will at least double the size of its long-term bond buybacks, from $2 billion to $4 billion per operation, between September 9 and the November Quarterly Refunding. The announcement followed a rise in the 30-year Treasury yield to roughly 5.3% and is drawing attention to how the Treasury may respond if pressure at the long end persists.

Outdoor sports and exercise are more difficult at the height of summer. Runners slow their paces, and teams start their practices early to beat the heat. Competitors must marshal their energy carefully to perform at their best.

Leading asset managers T. Rowe Price announced the acquisition of $19 billion F/m Investments in a press release Thursday afternoon. The deal brings F/m’s suite of leading fixed income strategies and ETFs into T. Rowe Price’s fund stable, reinforcing those areas in the latter’s list.

For years, Russell index reconstitutions have been treated as a routine maintenance event. Thousands of stocks are ranked, memberships are adjusted, and markets move on