Weekly Market Update

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

weekly market update | 4 min read

Jobs Noise Masks Resilient Labor Market

February 11, 2026

Reading the signal through the noise in the employment data for January can be more difficult than usual because of seasonal job swings associated with the holidays and new year.

weekly market update | 4 min read

AI Capex Keeps Rising as Investors Debate Returns

February 3, 2026

AI and technology spending expectations continue to move higher, while the capex story remains strong. However, investors remain wary around the return on investment path for spenders.

weekly market update | 4 min read

Markets Confirm Strong Recent Economic Data

January 27, 2026

Incoming U.S. economic data continues to provide fundamental support to our broad themes of a robust capital expenditures pipeline, a strong nominal growth environment, and sticky inflation.

weekly market update | 4 min read

Earnings Reassert Fundamentals as the Cycle Matures

January 21, 2026

Earnings season brings fundamentals back into focus. As cycles mature, fundamentals become the preeminent driver of returns. We believe the U.S. is best positioned to deliver on elevated earnings growth expectations, but a strong ...

weekly market update | 4 min read

Testing the Fed

January 14, 2026

Another round of headlines targeting the Fed's independence supports our conviction in gold over duration in the near-term. Two-way volatility can persist around these events, though effects typically fade quickly

weekly market update | 4 min read

The Fed vs. U.S. Economic Data

December 17, 2025

The Fed cut rates, but opposition to the easing appears greater than implied by the dissents given details in the Fed's Summary of Economic Projections (SEP) and fewer requests for discount rate cuts.

weekly market update | 4 min read

Liquidity: A Subtle Support for 2026

December 10, 2025

The Fed will likely move toward more accommodative liquidity settings as funding market stress exposes the need for additional cash in the system. Inflation will be a constraining factor on the number of rate cuts in 2026, but ...

weekly market update | 4 min read

Dispersion: A Tale of Two Sectors

December 3, 2025

Recent Federal Reserve rhetoric revived expectations for a December interest rate cut. We still believe sticky inflation should remain central to the Fed’s calculus, but updated Consumer Price Index (CPI) data arrives after the ...

weekly market update | 4 min read

Inflation, Profits, and the Drivers of Growth

November 25, 2025

We expect the policy path, not labor market slack, to determine the U.S. inflation outlook. The federal funds rate sits below economic rules-based prescriptions in unrestrictive territory. Globally, real policy rates continue to ...

weekly market update | 4 min read

Welcome Back, U.S. Economic Data

November 18, 2025

The return of delayed U.S. economic data will shape the December Federal Open Market Committee (FOMC) rate decision. We caution about adding risk in rate-sensitive equities for now.

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