Kevin Warsh came out as a hawk during his first press conference as Federal Reserve (Fed) chair. Franklin Templeton Fixed Income CIO Sonal Desai believes that he may be the most hawkish chair since Paul Volcker. Warsh stressed that the Fed can and will bring inflation back to 2%, and signaled his preference for a smaller balance sheet and no forward guidance—a welcome return to more orthodox monetary policy.
Exposure to critical minerals, specifically rare earths, provides an opportunity for investors to capitalize on growth and diversify their portfolios simultaneously. However, there are also geopolitical implications that investors should know about as well. In particular, more nations are reducing their reliance on China.
For long-time shareholders, the IPO is more than just a liquidity event. It represents the end of years of uncertainty and provides a rare opportunity to monetize investments that have generated extraordinary paper returns while remaining largely illiquid.
In Kevin Warsh’s first meeting as Fed Chair, the FOMC held on rates but made significant changes to both their economic projections and the nature of today’s Fed statement. And today’s press conference shows there is a lot more change to come.
The latest Philadelphia Fed manufacturing index showed activity rebounded in June, with the index rising 10.7 points to 10.3. The latest reading marks the fifth positive reading in the past six months and was better than the forecast of 9.8.
Kevin Warsh’s remarks after the Federal Reserve’s first policy decision under his chairmanship will probably spark more volatility at the shorter end of the Treasury curve while calming price swings at the long end, according to Kay Haigh at Goldman Sachs Asset Management.
Higher-for-longer interest rates and ongoing geopolitical friction make navigating emerging markets (EM) and capturing their growth potential a trying task. This is where investors can shift the onus of EM investing to experienced portfolio managers, with an active fund such as the Fidelity Fundamental Emerging Markets ETF (FFEM).
One of the key questions for investment professionals is whether oil prices will return to pre-war levels once the Middle East crisis is resolved. At the same time, many are asking why oil prices are not higher, especially since the latest geopolitical deal recently pushed crude to its lowest level since the initial attack.
The Federal Reserve held the policy rate steady at 3.50%–3.75% at its June meeting – an outcome that was never really in doubt. The more interesting signals came from the Summary of Economic Projections (SEP), the policy statement, and Chair Kevin Warsh’s first press conference, which may prove to be his most substantial.
It’s a busy finish to the first half on the corporate event calendar. The bulls have the lead, but the bears have had their moments of glory so far this year. A handful of key AGMs, conferences, and earnings events will keep investors on their toes amid a colorful macro backdrop.
Participate in artificial intelligence (AI) investing long enough and you’re apt to hear plenty about this disruptive technology’s substantial power demands. Market participants know the anecdotes. For instance, some data centers consume more power than states. Another one: Data centers in aggregate consume more power than nearly all of the world’s countries.
Green life, sustainable mutual funds, buying local, the “buy nothing” movement, plastic-free living, eco-fashion, electric vehicles. You’ve seen all the headlines about reducing your impact on the planet, but you may be wondering how you can best implement a greener workplace in a way that considers the needs of your business, employees and clients or customers.
The questions in our inbox have gotten louder lately. Are we reliving 1999? Has the tech rally reached the dangerous ‘Euphoria’ bubble stage we first discussed in our 2026 Outlook? And is the recent surge in initial public offerings (IPOs)— led by SpaceX on Friday— diluting existing holders just as valuations were already drawing scrutiny?
In my 45 years in the investment business, we’ve observed numerous peaks of excitement. In 1987, a bull market that started at a 1982 bottom below 800 on the Dow Jones Industrial Average (DJIA) peaked at 2,722. It then crashed 43% in 78 days.
Once again, the Federal Open Market Committee (FOMC) decided to remain ‘on hold’, keeping the fed funds trading range at 3.50%-3.75%. This result was largely expected by the markets. Of course, one of the more notable aspects to this gathering was that it represented Kevin Warsh’s first official policy meeting as Fed Chairman.
Home values fell for the first time in nine months in May, according to the Zillow Home Value Index. Additionally, after adjusting for inflation, real home values dropped even more sharply, remaining at their lowest level in over five years.
Nominal retail sales were up 0.88% month-over-month and up 6.88% year-over-year in May. However, after adjusting for inflation, real retail sales were up 0.41% month-over-month and up 2.60% year-over-year.
According to the Census Bureau’s Advance Retail Sales Report, consumer spending climbed for the fourth straight month in May. Headline sales rose 0.9%, almost double the projected 0.5% growth and marking an acceleration from April's 0.4% rise.
Compliance risks happen when AI-enabled workflows expand faster than their governance model. It becomes a blind spot when AI solutions are built faster than the organization’s ability to map them against the right regulatory, operational, and data-governance controls.
The National Association of Realtors® (NAR) pending home sales index jumped 3.8% in May to 76.8, marking its fourth consecutive monthly gain and highest level in six months.
The instinct when deploying any new technology is to start small. Run a pilot. Test with a subset of data, a single team, or a simplified version of the real workflow. That instinct is sensible — but with AI agents, it carries different risks than those that exist with traditional software.
This week J.P. Morgan Asset Management launched two actively managed municipal bond ETFs focused on California and New York debt, offering investors a way to earn tax-free income inside a more flexible and transparent fund structure.
The catalyst that turns a healthy pullback into something deeper won’t be a single oil-soaked CPI print. It’ll be the moment forward earnings expectations start to roll over while valuations sit at the high end of history. We aren’t there yet.
On Monday, June 15, Guggenheim Investments debuted a pair of new fixed income ETFs. Each of these new funds offers an active take on the fixed income space. This may help investors looking to amplify portfolio yield.
Markets returned to positive territory for the week, with the turning point occurring Thursday after the announcement of a potential deal with Iran that would extend the ceasefire while reopening the Strait of Hormuz for the first time since February 27.
The Iran conflict, inflation reports, and the largest initial public offering of all time each took its turn in the spotlight last week. The fragile ceasefire with Iran looked ready to collapse after Iran shot down a U.S. Apache helicopter, and the U.S. retaliated with strikes on Iran.
J.P. Morgan converted two mutual funds into active muni ETFs for California and New York investors seeking tax-free income.
Building permits inched down 0.7% to a seasonally adjusted annual rate of 1.413 million in May. The latest reading missed the forecast of 1.420 million.
Housing starts sank 15.4% in May to a seasonally adjusted annual rate of 1.177 million, the lowest level in six years. The latest reading was significantly lower than the projected 1.430 million.
Financial markets generally displayed exuberance Monday after the US and Iran agreed to an interim peace deal to reopen the Strait of Hormuz. Oil prices fell to the lowest since early March and the S&P 500 Index surged, leaving it just a few points below its all-time high reached at the start of the month.
Philanthropy conversations can open the door to multigenerational planning, as clients can bring in their children to contribute to discussions of shared values and charitable goals. For advisors, that creates an opportunity to become not just a financial resource, but a trusted partner who helps clients connect wealth with purpose.
The U.S. initial public offering (IPO) market appears to be entering one of its most consequential periods in years. After a long drought following the 2021 issuance boom, a healthier macro backdrop, improved risk appetite, and a long queue of mature private companies have reopened the new-issue window.
As expected, the European Central Bank (ECB) raised its three key interest rates by 25 basis points (bps) on June 11, responding to the energy shock from the Iran war. Inflation was revised higher for 2026 and 2027, and it is expected to fall to target in 2028. Although we expect one more hike, the timing is uncertain as the ECB is keeping all options open—including the possibility of not raising rates again.
This week the Fed has its first meeting under new Chair Kevin Warsh. For only the third time in US history, the former Chair, Jerome Powell, will still participate as a regular member of the Board of Governors.
Gold has always had a way of testing investors’ expectations. Just when the headlines appear most supportive—inflation is rising, geopolitical risk is escalating and confidence in fiat currency is being questioned—gold can suddenly move in the opposite direction.
Advisors searching for diversification from a concentrated S&P 500 Index often reach for equal-weight strategies. However, a new report argues that all equal-weight approaches are not interchangeable.
Several ETFs have added exposure to Space Exploration Technologies (SPCX) after the aerospace giant completed the largest initial public offering in market history. Trading on the Nasdaq, SpaceX surged 19% from its initial $135 offering price to close at $160.95 per share, notching a historic $2.1 trillion valuation. Actively managed ETF vehicles were able to use their operational flexibility to add positions in SpaceX at its debut.
Join Baron Capital for a product due diligence session covering Baron SMID Cap ETFTM (BCSM).
Dr Frank Sortino passed away last month. He was 94. Frank was a good friend of mine. Frank earned the name Dr. Downside for redefining risk as a measure of not achieving your objectives, which led to the fairly famous Sortino Ratio.
Treasuries advanced as investors dialed back expectations for Federal Reserve interest-rate hikes following news of a deal to halt the Iran war.
Builder confidence edged lower in June as ongoing affordability challenges continue to affect the housing market. The National Association of Home Builders (NAHB) Housing Market Index (HMI) fell 2 points from May to 35 this month, marking the 26th consecutive negative reading.
VettaFi’s core mission is to provide the index and distribution solutions that help asset managers build, grow, and navigate the markets with precision. Last week we took a massive, transformational step forward. TMX VettaFi signed a definitive agreement to acquire RAFI Indices from Research Affiliates, the undisputed pioneer of fundamental indexing and smart beta strategies.
Industrial production rose less than expected in May, increasing 0.1% after a 0.9% jump in April. This was lower than the expected 0.3% growth and marks a 1.7% increase compared to one year ago.
Manufacturing activity rose modestly in New York State, according to the Empire State Manufacturing June survey. The diffusion index for General Business Conditions remained positive but dropped 13.9 points to 5.7, falling short of the 13.2 forecast.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
This week’s inflation data highlights a growing disconnect between how markets interpret inflation and how consumers experience it. The May Consumer Price Index (CPI) report delivered a nuanced message: While headline inflation accelerated, core inflation remained relatively contained, an outcome that provides some comfort to policymakers.
Given all the interest and hype over the SpaceX IPO, many advisors and investors have been increasingly gravitating towards thematic ETFs that focus on the space industry. Given that the SpaceX IPO is the largest IPO in history, this should not come as a surprise to anyone.
Recent economic data continues to point to a resilient U.S. economy. The unemployment rate held steady at 4.3% in May, while payrolls increased by 172,000 jobs. Hiring remained strongest in leisure and hospitality, though there were also encouraging signs from more cyclical areas of the economy.
During this time of year, we like to take stock of what happened in the first half of the year and compare it with the expectations we had at the beginning of the year when we published our full-year outlooks.
The U.S. economy faced intensifying headwinds in May as both consumer and wholesale inflation metrics surged to multi-year highs.
