Executive Summary After a strong rally from Liberation Day lows in April, equity markets finally cooled off in November and finished the month relatively flat. However, some of the less-loved parts of the market, such as biotechnology and dividend-oriented stocks, rotated into favor as AI-related technology stocks struggled during the month. Despite some weakness in the labor market, economic activity has remained relatively resilient this year and early signs from holiday shopping suggest...

Executive Summary Equity markets crept higher in October (in large part due to big technology companies), continuing to exhibit the resilience we have witnessed since the tariff-induced drop in April of this year. Artificial intelligence (AI) continues to be one of the major financial storylines, as AI-related capital expenditures are supporting economic growth, and many of the large technology stocks are pushing market indexes higher. The Federal Reserve (Fed) lowered the federal funds...

Executive Summary We have lived in a relatively steady US-led global environment, commonly referred to as Pax Americana, since the end of...