United States, Intermediary
Change
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.
While there are important questions to be answered in areas like fiscal sustainability and central bank independence, we think the policy and fundamental backdrop remains supportive for the year ahead and we maintain a slight pro-risk stance.
Outlook contents
Asset Allocation Outlook
Our multi-asset strategists analyze the market’s exuberance and share their overweight and underweight views on equities, credit, government bonds, and commodities.
Global Economic Outlook
Our experts share their annual macro outlook and discuss the likely implications for markets and investors. They outline four potential scenarios graded by level of probability.
Bond Market Outlook – Rates
Our rate specialists see durable value for investors who can flexibly adjust to the shifting currents ahead, and they explore how to approach bond investing in 2026.
Bond Market Outlook – Credit
Amid fewer opportunities across sector credit sectors our experts are approaching the coming year as careful beachcombers, looking for best risk/reward tradeoffs.
Equity Market Outlook
AI bubble? Geographic diversification? Opportunities beyond US mega cap? Our experts dive into key questions facing equity investors in the year ahead.