Quarterly macroeconomic highlights

Q4 2026

Secular trends can sustain growth, even as some cyclical tailwinds ease and the Fed tightens.

Q3 2026

Areas of economic strength persist, but the Fed and market concentration remain in focus.

Q3 2026

Data shows a shifting set of drivers that could support continued growth in this mature economic cycle.

Q2 2026

Labor market stabilization, capex trends, and lagged effects from fiscal and monetary stimulus helping balance near-term risks.

Q2 2026

With moderate, trend-like economic fundamentals and geopolitical uncertainty, we are blending defensive and select economically sensitive exposures.

Q1 2026

The labor market remains soft and investor expectations appear heightened, but we still see late-cycle opportunities at home and abroad.

Q1 2026

Continued economic and earnings growth present opportunities in 2026, while valuation and market concentration present risks.

Q4 2025

Alternate, high-frequency data sources shine light on continuing economic and market trends amid government shutdown data drought.

Q4 2025

Despite a soft U.S. labor market, we see factors that could help extended economic growth in 2026

Q3 2025

From inflation and employment to AI and the OBBBA, countervailing macro forces warrant a balanced approach