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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

Builder confidence rose one point in August to 35, according to the National Association of Home Builders/Wells Fargo Housing Market Index released today. The move caught forecasters off guard. Economists polled by Reuters had expected a third straight monthly decline, to 33, as elevated mortgage rates and construction costs continued

Overview 2026 has brought a period of change to the Federal Reserve with the appointment of new Fed chair Kevin Warsh. Investors have also been presented with a dynamic set of evolving geopolitical events and changing inflation expectations resulting in a pivot away from dovish monetary policy views toward anticipation