Weekly Market Update

Last week’s market highlights, closing
performance,
market indicators and the week ahead.

weekly market update | 4 min read

Higher Rates Are Here to Stay, and Earnings Keep Pace

September 22, 2026

The U.S. Federal Reserve (Fed) and Bank of Japan (BoJ) joined the European Central Bank (ECB) in raising rates last week. In our view, strong global growth gives central banks room to lean against inflation with higher policy ...

weekly market update | 4 min read

AI Policy Tightens as Central Banks Lean Hawkish

September 15, 2026

The AI debate moved from whether to regulate tohow. We view these developments as a reason for closer monitoring, not a reason to change positioning.

weekly market update | 4 min read

Strong payrolls support rate hike expectations amid AI-earnings boom

September 9, 2026

The U.S. labor market remains strong, with August non-farm payrolls at 162,000 -nearly triple the consensus estimate -and real wage incomes rising. Markets have repriced hikes sharply, making a September policy move highly ...

weekly market update | 4 min read

Volatile Markets, Strong Fundamentals, and the Role of Growth

August 25, 2026

Markets have absorbed a recurring cycle of worries in 2026, and intraday volatility has run high while pullbacks have stayed short. Strong earnings drove returns and pulled equity valuations lower as prices advanced slower than ...

weekly market update | 4 min read

Inflation Stalls Above Target as Growth Forecasts Improve

August 18, 2026

Inflation has moderated but remains above target. Firmer growth expectations allow central banks to keep their focus on price stability. We see this as supportive of higher policy rates globally.

weekly market update | 4 min read

Strong Earnings and Broadening Capex Keep Us Constructive

August 11, 2026

Earnings delivery and broadening capital expenditure (capex) continue to support our overweight to U.S. large cap equities and our preferred AI-related themes.

weekly market update | 4 min read

Why the Macro Data Says AI Is Not a Bubble

August 4, 2026

Contrary to the corporate profit margin squeeze seen during prior investment bubbles, aggregate margins today are holding near all-time highs. The total corporate interest burden is only 1.3% of output, roughly a third of levels ...

weekly market update | 4 min read

The De-Rating Investors Should Welcome

July 28, 2026

Global equity markets have priced in more uncertainty than the macro backdrop currently warrants. The macro data tells a more constructive story than investor sentiment does, and when fundamentals improve faster than sentiment, ...

weekly market update | 4 min read

Broad Growth, Cooler Sentiment, and Long-Term Themes

July 21, 2026

The expansion continues to broaden, with surveys indicating that manufacturing activity is growing across 94% of major economies while our U.S. inflation breadth measure eased to 30% in June from 39% in May.

weekly market update | 4 min read

Profits Power Hiring While Inflation Worries Recede

July 7, 2026

The U.S. labor market remains solid. While June payrolls missed expectations, the larger trend matters more than any single print in our view. Private employment gains have averaged nearly 100,000 jobs per month over the past ...

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