32 posts
The Federal Reserve held rates steady this week as policymakers assessed persistent inflation and evolving financial conditions. Chair Kevin Warsh acknowledged that credit conditions have tightened for some borrowers and that capital markets are becoming more selective.
The Federal Reserve held rates steady this week as policymakers assessed persistent inflation and evolving financial conditions. Chair Kevin Warsh acknowledged that credit conditions have tightened for some borrowers and that capital markets are becoming more selective.
As a French citizen who grew up in France, a product of its education system and an investor who assesses risk for a living, the current unrest pains me on both a personal and professional level. I owe much to the opportunities France gave me.
The next percentage point of disinflation may prove considerably more expensive than the last.
Ten years ago, the earnings yield on U.S. equities, as represented by the S&P 500 Index, sat notably higher than the real 10-year U.S. Treasury Note yield. That relationship changed dramatically in 2026.
As professional investors and systematic managers, we see market leadership as the result of a constantly changing mix of valuations, growth, inflation, interest rates, liquidity, geopolitics, sector fundamentals, factor cyclicality, investor behavior, and a bit of je ne sais quoi.
