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United States, Institutional
Changechevron_rightThe 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.
Experts
Resilient growth, rising risks: Investing through the energy shock
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Resilient growth, rising risks: Investing through the energy shock
Macro Strategist Eoin O’Callaghan explores the drivers of resilient growth amid the continued energy shock and discusses why investors need to keep a close eye on evolving macro conditions.
September FOMC: Doves capitulate
For the first time in over three years, the Fed raised the target rate range to 3.75%-4.00% in September. Our team looks at what's driving the shift and what it means going forward.
Monthly Market Review — August 2026
A monthly update on equity, fixed income, currency, and commodity markets.
Oil is the spark — the cost of capital is the story
Higher oil prices are refocusing markets on inflation and the Fed, but the bigger investment story may be a broader shift toward a higher cost of capital and new diversification challenges.
The most important midterm question?
As the mid-term elections approach, the things the election won't change may matter more than who wins and who loses.
High asset prices, not low interest rates, are driving inflation
Wealth distribution in the US has rendered the Federal Reserve’s usual tools less effective. The Fed will need to address asset prices head-on in creative ways if it is going to return inflation to target.
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2026 midyear geopolitical update: What “structural competition” means for investors
Our expert explores how structural geopolitical competition is reshaping markets, raising risk premiums, and creating long-term investment implications across defense, energy, technology, supply chains, sovereign credibility, and portfolio resilience.
The state of commercial real estate
We explore how macroeconomic, demographic, and sector-specific trends are reshaping commercial real estate, and why selectivity by sector, asset, quality, and capital structure may matter more than broad asset-class exposure.
Warsh’s first FOMC: We have a task force for that
Our experts highlight new task forces, examine evolving inflation and labor dynamics, and contend that the Fed soon may need to choose between growth support and price stability.
The questions incoming Fed Chair Warsh will need to answer
We examine the key questions that incoming Fed chairman Kevin Warsh may need to confront as monetary policy faces new limits and new risks.
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Markets are underestimating the persistence of inflation
Macro Strategists Eoin O'Callaghan, Michael Medeiros and John Butler share their macro outlook for the remainder of 2026 and discuss the implications of the ongoing energy shock for markets and investors.
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Monthly Market Review — August 2026
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