The bond market sell-off over recent weeks has taken the 10-year Treasury yield to around our long-held end-2024 forecast of 4.00%. Although significant economic, political, and geopolitical risks...

The valuations of “risky” assets continued to rise in the third quarter, both in absolute terms and relative to “safe” asset yields. We think that reflects the start of the Fed’s easing cycle and...

We’re cautiously optimistic that China’s equity market will hold on to its recent gains, and perhaps even extend upon them in the near term. But we still think its long-run prospects are poor.

Since mid-2022, the average stock in the industrials sector has returned more than the average stock in all other sectors of the S&P 500. This raises the question of whether investors have a rose...