Last Week at a Glance
Markets were rattled by an escalation of Iran War hostilities.
Credit/Fixed Income
The Iran War: Impact on Energy, Inflation, and Markets
The war in Iran has triggered a historic disruption in the Strait of Hormuz, driving oil & gas prices higher and exposing vulnerable energy-importing regions. This shock is fueling concerns over higher inflation and rising bond yields, creating a volatile environment where commodities lead while global equities and traditional bond diversifiers underperform.
Should Credit Investors Be Concerned About Rising AI-Related Debt Issuance?
Yes. Credit investors should be concerned about rising artificial intelligence (AI)-related debt issuance for several reasons.
Last Month at a Glance
Global markets reflected a positive risk environment in February, supported by positive economic data and ongoing sector rotations.
US Manager Universe Statistics: Fourth Quarter 2025
This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.
Review of Market Performance: Calendar Year 2025
Global economic growth hovered near trend in 2025. The dollar weakened sharply, while global equities and commodities posted strong gains. Bond returns improved as rates and credit spreads eased.
Japanese Election Result Should Boost the Economy and Ultimately the Japanese Yen
Overall, we see the election outcome as positive for the Japanese economy and, by extension, the yen.
Will the Fed Remain Independent?
Yes, we expect economic data to remain the primary driver of Federal Reserve policy decisions.
2026 Outlook: Fixed Income Views
A disciplined, quality-focused approach across fixed income and private credit can help position portfolios for balanced risk-adjusted returns in a challenging environment in 2026.
US Manager Universe Statistics: Third Quarter 2025
This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.