INSIGHTS

Artificial intelligence (AI)-related funding needs are expected to support elevated credit issuance over the next few years. This may create potential investment opportunities but also material risks, reinforcing the importance of careful positioning and rigorous credit selection.

The S&P 500’s worst day and the best day that followed have something in common: you can’t predict either one. The table below underscores the risk of stepping out of the market during periods of heightened volatility. While selling after a sharp decline may feel like a way to avoid further losses, some of the market’s biggest gains have historically occurred soon after its biggest drops. For example, in 2020 and 2025, the S&P 500’s best day after the year’s worst came just six and three trading days later, respectively.

Change can be difficult to navigate, especially when its principal agent explicitly rejects prevailing norms. Less than five months into the job, Federal Reserve (the Fed) Chair Kevin Warsh has put investors in that position, which makes charting the course of monetary policy complicated.

Artificial intelligence (AI) is driving one of the largest investment cycles in decades. The companies building the infrastructure that underpins AI – from semiconductors and manufacturing equipment to cloud platforms and data centers – are attracting significant attention as organizations invest heavily to develop and deploy the technology.

Checkpoints is a comprehensive monthly chartbook highlighting major top-of-mind themes that could shape financial markets in the near term. In addition to the broader macroeconomic discussion, Checkpoints delivers detailed views on major asset classes, including global equities, fixed income and real assets.

The U.S.’ extraction of President Maduro from Caracas on January 4 could alter the trajectory of geopolitics in the Americas.

Value equities have historically shown resiliency during higher inflationary periods versus their growth counterparts.

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