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The views expressed are those of the authors at the time of writing. Other teams may hold different views and make different investment decisions. The value of your investment may become worth more or less than at the time of original investment. While any third-party data used is considered reliable, its accuracy is not guaranteed. For professional, institutional, or accredited investors only.
The bravado of the Liberation Day tariff announcements, framed as a “declaration of economic independence,” sought to employ draconian measures to force a rapid rebalance of global trade, with 10% baseline tariffs and country-specific tariffs as high as 145%. Markets were caught off guard and likewise rapidly began to plummet. Investors who sold, fearing the implications of an abrupt end to globalization, would be dismayed when a 90-day moratorium announced a week later sent markets skyrocketing on hopes for a better trade outcome.
Following drawdowns, markets can often snap back and retrace losses quickly. While the catalysts vary over time, history has often made the case for staying invested. Since 2000, a formal market correction (i.e., exceeding -10%) has occurred roughly every other year on average, including in many years ending in significant positive territory. 2025 is no different, with investors who missed out on the April 9 bounce back lagging the S&P 500 by an astonishing -8.7% year to date as of writing.
We may not be out of the woods on final tariff policy, but remaining engaged with the market and building a diversified portfolio to withstand periods of volatility could be perennial tried and tested advice for investors.
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Monthly Market Review — January 2026
A monthly update on equity, fixed income, currency, and commodity markets.
Housing affordability directives not a silver bullet
Our Fixed Income Portfolio Managers profile housing affordability directives, examining their modest effects on mortgage rates and institutional buying restrictions.
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Our biopharma experts discuss the global earnings potential of Japanese companies and highlight the need for a global investment lens.
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Macro Strategist Juhi Dhawan shares five key takeaways on Kevin Warsh, President Trump’s nominee to be the next Fed chair, including thoughts on interest rates, deregulation, and the market impact.
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Fixed Income Portfolio Managers Sam Hogg and Ed Meyi and Investment Director Takashi Nakao explore what’s different about the unconfirmed but likely JPY intervention and why it matters for global investors.
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Members of our Insurance team share their economic expectations, investment ideas, and a regulatory roundup for the year ahead.
Quarterly Market Review — 4Q2025
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Our experts discuss the US-EU financial dynamics amid Greenland tensions and analyze US foreign policy's vulnerabilities.
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Monthly Market Review — January 2026
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