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The NFIB Small Business Optimism Index slipped to 98.7 in August, down 1.1 points from July’s 99.8, which had been the highest reading since August 2025. The index remains above its 52-year average of 98.0, but the pullback erased most of July’s hiring driven gain. The NFIB Uncertainty Index fell

The 21st Century ROAD to Housing Act became law on July 11, 2026, the first comprehensive federal housing package in roughly three decades. The Senate passed it 85 to 5 on June 22 and the House cleared it the following day, 358 to 32. It reached the statute books without

The U.S. economy added 162,000 nonfarm payroll jobs in August, roughly three times the 53,000 economists surveyed by Dow Jones had penciled in and the strongest monthly gain since March. The unemployment rate held at 4.1 percent, with 7.0 million people counted as unemployed, both essentially unchanged over the year.

The August ISM reports show that the U.S. economy continues to expand, but the sources of that growth are becoming more differentiated. Manufacturing growth moderated during the month as new orders cooled, while services activity strengthened. At the same time, elevated price pressures remain a concern and employment growth continues

This market update highlights key developments across equities, fixed income, and the broader economic landscape. EQUITIES – Markets Returned to Record Territory with Broad Global Participation August was a good month for stocks around the world. The S&P 500 returned 2.27%, setting fresh record highs along the way, including its

The G-20 finance ministers’ summit closed Tuesday night in Asheville, North Carolina, with the benchmark 10-year Treasury yield at 4.795%, the highest level since President Trump began his second term. Treasury Secretary Scott Bessent called the two days of meetings productive, touching on trade imbalances, artificial intelligence, and sovereign debt.

July’s Personal Consumption Expenditures (PCE) report showed that inflation remained elevated but largely stable, highlighting both the progress made from earlier highs and the challenge of bringing inflation closer to the Federal Reserve’s long-term 2% target. The PCE price index, which measures changes in the prices consumers pay for goods

The Conference Board’s Consumer Confidence Index slipped to 89.4 in August, down 0.8 points from July’s 90.2 and marking a second straight monthly decline. Beneath that modest headline drop sits a much sharper divergence. The Present Situation Index, which captures how consumers view current business and labor conditions, jumped 6.8

Long-term Treasury yields are at their highest levels in nearly two decades. The Treasury Department just doubled its bond buyback program. Earlier this month, the U.S. joined Japan in defending the yen for the first time since 1998. Behind all three headlines are two men whose careers make this moment

What Is Happening in the Bond Market Long-term interest rates have climbed to levels not seen in nearly two decades. The 30-year Treasury yield touched 5.34% on Tuesday, its highest since 2007, and closed Thursday at 5.25%, with the 10-year near 4.70%. The main causes appear to be these: large

The Rotation That Has Defined 2026 Thus Far For most of 2023 through 2025, the U.S. stock market’s story was simple: a handful of mega-cap technology companies, the so-called Magnificent Seven, drove nearly all the gains as artificial intelligence enthusiasm pushed their valuations to record levels. That narrative broke down