Market commentary

Selective Strength, Steady Conviction The reflationary backdrop that favored value, cyclicals, and emerging markets earlier this year remains intact. Growth…

Growth, Inflation, and The New Rate Reality Strong business activity and earnings continue to support markets, even as sticky inflation…

The Reflationary Case The markets are telling a reflationary story right now. Economic growth is broadening, inflation is firming, and…

Executive Summary Q1 2026 ultimately reflected a rotation-driven market under a temporary inflation shock, rather than a deterioration in underlying…

Over the weekend, the U.S. and Israel launched coordinated military strikes against Iran, targeting senior leadership, military infrastructure, and components…

EXECUTIVE SUMMARY The U.S. economy is transitioning from a narrow, services-led disinflationary expansion to a broader growth regime marked by…

Third Quarter in Review: US equities moved higher in the quarter and are now up substantially year to date. Within…

  Although the US economy has been resilient, the effect of higher rates and trade wars has not been evenly…