The longstanding inverse relationship between gold and real interest rates seems to have broken down, suggesting new forces—central bank buying, geopolitical uncertainty, and portfolio diversification—have a larger role in driving demand for bullion.
Inflation remains calm in 2025, but tariff-related price hike concerns have kept the Fed sidelined. We look at the Fed’s commentary, the impact of market forces and political pressure on yields, and the probability of rate cuts before year’s end.
A dramatic shift in the appetite for equity and fixed income securities issued outside of North America has emerged in 2025. We examine the causes, what they mean for international stocks, and how investors may want to position portfolios.
The U.S. government’s fiscal outlook can no longer be ignored.
Markets are often said to “climb a wall of worry.” If that’s so, there looks to be lots of climbing left. We expect major equity markets to post new highs in the months ahead, but there are caveats, and we advise a cautious, watchful approach.
Market volatility is unlikely to dissipate anytime soon. But while fixed income markets have weathered outside factors reasonably well this year, the next source of volatility could come from within—the global bond market itself.