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The April ISM reports confirm that the U.S. economy remains in expansion, though increasingly on borrowed momentum. Both manufacturing and services continue to grow, yet the composition of that growth is shifting in ways that matter for investors: input costs are reaccelerating sharply, forward-looking demand indicators are softening, and two
The traditional stock market close still shapes investor psychology, but the architecture around it is starting to change. Major exchanges and market operators are now exploring tokenized securities, extended-hours access, and in some cases truly round-the-clock trading, raising a bigger question than whether the trading day gets longer: what happens
1. Equities – Markets Staged a Powerful Recovery, with Broad Participation April delivered one of the strongest monthly rebounds in recent memory. The S&P 500 gained 10.49% on a total-return basis, fully recovering March’s pullback and pushing the index to fresh all-time highs by mid-month. The recovery was broad and
On April 30, 2026, the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, delivered a meaningful upside surprise, reinforcing concerns that inflation remains stubbornly above target. Headline PCE rose to 3.5% year over year, up from 2.8% the prior month, while core PCE, which excludes food and
Monetary Policy Economic Conditions The FOMC is next scheduled to meet June 16 – 17th, 2026. Disclosure The views and opinions expressed in this commentary are those of ACG as of the date indicated and are subject to change without notice. This material is provided for informational purposes only and
The geopolitical shock of early 2026 was real. The Iran conflict and the Strait of Hormuz disruption rattled markets, sent oil prices higher, and produced the kind of headline risk that historically triggers indiscriminate selling. The S&P 500 fell sharply from its late January peak. But the selloff had one
One of the more important macro developments in 2026 has been the quiet but persistent decline in underlying inflation and notably, Truflation identified this shift well before it showed up in official CPI data. As of early April, Truflation’s real-time inflation gauge was running at roughly 1.3%–1.7% year over year,
First-quarter earnings season is shaping up to be another strong showing for U.S. equities, but the underlying composition of that growth tells a more nuanced story. Consensus expectations for S&P 500 earnings growth have held relatively steady in the low-to-mid teens, roughly in line with the ~13–14% range tracked by
When people think about their financial assets, they tend to focus on the usual categories: stocks, bonds, real estate, and cash. These are the assets we can measure, track, and benchmark. But there is another asset working quietly behind the scenes, one that determines how a person uses their assets:
Earnings season for Q1 2026 has kicked off with the financials sector once again setting the tone for the broader market—and early results suggest a combination of strong capital markets activity, resilient consumers, and still-elevated interest rate benefits, albeit with growing macro uncertainty. Consensus expectations heading into the quarter called
At different points in life, key moments create meaningful life transitions that often come with financial and personal decisions. Guided by our purpose of helping make people’s lives better, we continue our blog series focusing on these life transitions, offering perspective to help you navigate each one with clarity and
The latest Producer Price Index (PPI) report offers a useful reminder that inflation doesn’t move through the economy all at once—it builds from the ground up. In March, wholesale prices rose just 0.5%, far below expectations, even as geopolitical tensions pushed energy prices higher. That disconnect highlights an important reality:
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