RESEARCH //
Regular publications to articulate what we see and how we think
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.
