AI is groundbreaking technology. It’s a technological advancement that could be bigger than the internet itself. Like the dot-com bubble, the irrational exuberance in AI is not in the idea or the innovation; it’s in the price and investor behavior.

With consumer confidence and business activity declining, you’d expect investor confidence and market analysts to be in a cautious mood, but that is not the case. This is just one of many interesting contradictions and interesting dynamics at play as we move into 2026.

Since the launch of spot Bitcoin ETFs in early 2024, investors have been haunted by a persistent narrative: “Bitcoin is just a tech stock on steroids.”

So while Bitcoin and the stock market are influenced by some of the same market forces, they are by no means tethered to one another.

The S&P 500 closed the week within 1% of its record high as the Personal Consumption Expenditures price index (PCE) rose 0.3% on a monthly basis, which lifted annual inflation from 2.7% to 2.8% in September. The Federal Reserve will announce its final interest rate decision of 2025 on Wednesday as new concerns about the labor market headwinds, tariff effects and sticky inflation are taking their toll on consumers.

The prevailing Western narrative on China is fundamentally flawed. Since 2018, China has executed a massive, strategic reallocation of capital—moving away from debt-fueled property expansion and into high-tech industrial self-sufficiency.

Uncertainty about the impact of potentially over-investment in AI infrastructure lies at the heart of the AI bubble concerns and it’s starting to shake investor confidence. The sell-off in bitcoin intensified last week as the price of the most widely traded cryptocurrency sank to the lowest level in seven months.

Fiscal dominance is a conflict where the government's need to finance its spending and manage its large debt becomes so critical that it prevents the central bank from doing its primary job of controlling inflation.

Last week’s market weakness coincides with growing economic concerns, as corporate bankruptcies rise, October layoffs hit a 20-year high, and consumer sentiment falls. Meanwhile, lawmakers appear to be advancing a deal that could soon end the record-long government shutdown

For years, asset markets have been surfing a wave of liquidity. Unleashed by ZERP and fueled by central bank balance sheet expansion and government deficit spending, the rising tide of liquidity has been the primary driver of the everything bubble. But the tide of liquidity is starting to go out.

The Fed meeting will dominate investor attention in the week ahead, with a host of important data releases, including GDP growth, PCE inflation and employment costs, likely to be delayed by the ongoing government shutdown.

The U.S. trade fight with China the trade story is far from over and, contrary to what you might read in the headlines, China has the upper hand – at least for now.

The fate of the entire U.S. equity market now rests on the shoulders of the Magnificent 7 and their collective future is almost entirely staked on the success of artificial intelligence. The stakes have never been higher.

The fate of the entire U.S. equity market now rests on the shoulders of the Magnificent 7 and their collective future is almost entirely staked on the success of artificial intelligence. The stakes have never been higher.

The fate of the entire U.S. equity market now rests on the shoulders of the Magnificent 7 and their collective future is almost entirely staked on the success of artificial intelligence. The stakes have never been higher.

Emerging and frontier market bonds offer a compelling investment opportunity and play an important role in our clients’ portfolios. Emerging and developing economies represent about 85% the world's population and 60% of global economic output (GDP). Despite attractive historical performance and strong fundamentals, this asset class has been almost entirely ignored by investors and professionals alike.

The Federal Reserve is widely expected to announce a rate cut on Wednesday amid a rash of concerning economic data and the presence of two Fed governors in an active legal battle.

Prices for stocks, gold and bitcoin moved higher last week as investors anticipate a cut in interest rates by the Federal Reserve next week. Tariff uncertainty and inflation concerns linger ahead of fresh inflation reports this week.

Historically, September is the stock market's most challenging month, combining the worst average performance with increased volatility. All eyes are on Washington as the Fed and the Trump Administration clash over economic and fiscal policy.

Investor confidence in stocks has reached a new level of extreme. There’s a growing belief that the U.S. stock market is ‘unsinkable.’ When I expressed this concern to a fellow investment advisor, his response was stunning…

Hotter-than-expected inflation reports are testing the Federal Reserve. We explain why a strong economy and a surge in producer prices make a September rate cut a dangerous move, especially with tariff impacts still to come. Find out why we believe the Fed will hold steady, plus the latest on crypto adoption by major banks.