Sustainable Investing

The bond market is flashing levels not seen in nearly two decades. The 10-year Treasury yield is hovering near 5%, while real yields — measured by Treasury inflation-protected securities (TIPS) — are at their highest since before the 2008 financial crisis.

Last year, U.S. charitable giving hit a record $617.20 billion, according to Giving USA. That’s the first time it’s ever topped $600 billion. Individuals gave $394.2 billion of that, foundations gave $117.15 billion, bequests added $62.19 billion and corporations contributed $43.67 billion.

With several provisions of the One Big Beautiful Bill Act (OBBBA) taking effect in 2026, year-end planning may present new opportunities and considerations for taxpayers. It’s important to assess personal finances before the end of the year to determine if action is needed.

There’s not a lot of bullishness in the silver market right now. After surging to just over $120 per ounce in January, silver corrected and has lost more than half its value.

VettaFi has been recognized as the Best U.S. Index Overall Provider at the ETF Express U.S. ETF Awards 2026, building on a standout year of index innovation, strategic acquisitions, and product milestone growth across the ETP landscape.

Emerging markets continued to deliver strong year-to-date returns in 2026, although the third quarter served as a reminder that the path higher is rarely linear. After a powerful first-half rally led by artificial intelligence (AI), semiconductors and other growth-oriented sectors, markets experienced a broad correction in July before stabilizing through the remainder of the quarter.

Stock prices reflect the decisions of buyers and sellers, whose expectations can shift quickly. Enthusiasm, fear, and uncertainty can push a stock above or below a reasonable valuation—and keep it there for an uncomfortable stretch of time.

A broad retreat in technology shares set the tone for the week. The S&P 500 fell 1.9 per cent and the NASDAQ dropped 4.5 per cent, while the Dow rose 0.7 per cent as investors rotated out of tech and into more defensive sectors.

The Magnificent Seven have dominated the technology trade, but investor attention is now shifting toward the MANGOS — a group of companies that place greater emphasis on artificial intelligence (AI) rather than traditional megacap technology.

For many bond investors, 2026 has stirred up uncomfortable memories of 2022. Yields have climbed sharply as bond prices have come under pressure and the Federal Reserve has raised its policy interest rate target.

Markets look calm on the surface, but AI-driven shifts in capital allocation, earnings quality, and funding needs are reshaping risks and opportunities beneath the index level.

Higher bond yields may offer retirees more income potential, but a diversified approach that balances income, risk, and spending needs remains important.

The Federal Open Market Committee (FOMC), the policy-setting group within the U.S. Federal Reserve, meets on 27–28 October to discuss the economic outlook and appropriate monetary policy. We expect the FOMC to hold the policy rate at 3.75%–4.0% while keeping a clear tightening bias.

After years when yield was scarce and investors were pushed further out on the risk spectrum, income is investable again. High-quality bonds can once more provide meaningful cash flow, portfolio stability and a credible path to total return without requiring an aggressive call on interest rates or credit.

GMO has posted a new 7-Year asset class forecast for 3Q 2026.

Last week saw a further deterioration in the inflation outlook, while the Federal Reserve (Fed) appears increasingly reluctant to tighten again immediately. The September headline Consumer Price Index (CPI) rose 0.6% month/month (m/m) and 3.7% year/year (y/y), while core inflation increased 0.3% m/m and accelerated to 2.6% y/y from 2.4%.

The new policy regime the Fed has lost touch with the economy. It has eradicated a lot of market feedback by eliminating banks from trading federal funds. It has separated interest rates from money supply growth.

The ETF industry has officially shattered last year’s record for annual product launches. A total of 1,159 new exchange-traded products have debuted year-to-date, eclipsing the full-year record of 1,143 funds set in 2025. With more than two months remaining in the year, the rapid pace highlights issuers’ relentless push to bring innovative strategies to market.

A week filled with hotter inflation readings brought growing concerns about the sustainability of the pace of AI spending. Despite rising inflation, bond yields ended the week lower. While the S&P 500 Index of large-cap stocks fell 1.95 percent for the week, the decline was largely driven by its heavy weighting to technology stocks, which faltered by 6.37 percent.

Predicting the direction of interest rates is challenging enough when economic conditions are relatively stable. Add persistent inflation, a resilient economy, a cooling labor market, geopolitical uncertainty, and an expanding supply of Treasury debt, and the challenge becomes considerably greater.

Earnings now have become the central market focus this week. Bank results have been somewhat mixed, and the market will need confirmation that profits outside the largest technology companies are strengthening. I still do not believe the overall equity market is excessively valued, but investors should expect continued volatility between growth and value as expectations for AI spending shift.

Fed rate hikes could climb further than markets expect, according to T. Rowe Price Capital Markets Strategist Tim Murray.

The US Treasury market is entering a new era. Financing government debt is becoming less about capital availability and more about the yield required to attract it.

Chris Galipeau and Taylor Topousis discuss high-conviction insights that go beyond media headlines.

Fall is officially underway, heralding a season of change — and what a difference three months makes. The past quarter brought a dramatic Federal Reserve policy pivot and notable shifts in market sentiment and ETF trends. But within equities, the most striking reversal occurred inside the AI trade itself.

As we enter the final quarter of 2026, the investment backdrop remains constructive but increasingly differentiated. Economic growth and corporate earnings have remained resilient, while continued investment in artificial intelligence (AI) and other productivity-enhancing technologies has supported capital spending and market sentiment.

Today, we are going to look at some of the cracks which are becoming visible in the AI space. It will change the nature of index investing, the economy and portfolio management for the next decade. And generally, not in a good way as far as current AI investors are concerned.

In the AI-led markets of recent years, companies with distant profit potential have been favored. But higher interest rates could change the equation and create a new advantage for value stocks, whose businesses tend to have more visible cash flows in the shorter term.

An income projection can provide an important starting point for year-end tax planning. Explore key 2026 tax brackets and income thresholds that may help inform planning decisions before year-end.

Global income strategies offer a compelling value proposition for investors: a steady stream of income generated from dividend-paying equities, government bonds and structured instruments like equity-linked notes (ELNs) from around the world.

Our Senior Portfolio Manager and Head of Global Sustainable Investing, Kris Nelson, sees markets balancing several competing forces this week, from renewed oil-price volatility to softer labor data and increasingly demanding expectations around AI earnings.

Taylor Topousis and Christian Galipeau discuss high-conviction insights that go beyond media headlines.

Earlier last week, a supertanker loading crude in the Gulf of Oman was fixed at $1.01 million a day for a voyage to Asia, with another deal reportedly agreed at $1.16 million.

While a gold ETF is a convenient way to play gold's price, you don’t possess any gold. You have paper. And you don’t know for sure that the fund has all the gold, especially when it sees inflows. In such a scenario, there have been difficulties or delays in obtaining physical metal.

Western Asset’s Ion Dan explains why he thinks the fundamental case for agency mortgage-backed securities has strengthened.

US Treasury yields have moved sharply higher, with the 10-year yield rising roughly 45 basis points over the past month to about 5.25%. That has understandably revived concerns about what higher bond yields could mean for equities.

Emerging markets (EMs) have historically been associated with commodity exports and low-cost manufacturing. Those characteristics remain relevant in parts of the investable universe, but the sources of competitive advantage have broadened materially.

ClearBridge Investments: With the economy still resilient, a gradual Federal Reserve hiking cycle could help broaden market leadership beyond the Magnificent Seven.

Stocks chopped this summer as high hopes for AI product and infrastructure development were offset by rising inflation and an increasingly hawkish Federal Reserve.

AI's labor-market impact remains limited but uneven, as productivity and profits outpace hiring and import-heavy investment dampens U.S. job growth.

Rising interest rates can affect more than investment portfolios. Explore how changing IRS interest rates may influence several estate, charitable and tax-planning strategies.

As globalization recedes, governments and businesses have stronger incentives to invest in building more resilient societies and supply chains. That imperative has coincided with the emergence of artificial intelligence, creating a powerful interaction between technological innovation and economic security.

Market participants have been conditioned to expect clear Forward Guidance from Fed Chairs and Ben Bernanke, Janet Yellen, and Jay Powell provided it continuously, especially after the Financial Crisis. Chairman Warsh has made it clear that Forward Guidance will be less under his leadership, but he has offered a very important qualifier that many have yet to grasp.

In this month’s issue, AI, energy and robotics are creating new opportunities in emerging markets, but selectivity remains key as policy, cost and execution risks evolve.

We understand that you can’t forecast the sequence of returns, but we CAN build a plan that survives a bad one. As Howard Marks puts it, you can’t predict, but you can prepare. These are the rules of engagement once you’ve crossed from saving into spending.

If you only looked at the price of gold in September, you’d be forgiven for believing the bull market had run out of steam. The yellow metal fell 6.3% during the month, and some in the financial press were quick to say it had failed as a safe haven.

Our real gross domestic product (GDP) forecast for 2026 is 2.5% (based on our Global Investment Management Survey) versus the Federal Reserve’s (Fed's) forecast of 2.2% and the Wall Street consensus of around 2%.

Executives enter the earnings season with a bit of a swagger. They won't say it out loud, of course, but consider all the headwinds CEOs of companies big and small have faced in the last few years. First, it was imminent recession fears; then it was looming tariffs (followed by the shock of April 2025).

The Fed’s latest 25 basis point hike might represent a recalibration rather than tightening. Instead of focusing on the next hike, investors should watch broader financial conditions and the long-term trajectory for interest rates.