A retrospective look at the data around some of this year’s ETF launches reveals some key trends in the industry.

Get ready each week with high-conviction insights that go beyond media headlines.

France, Britain, and the Fight for Fiscal Credibility

Stocks and bonds staged a roller coaster on Fed day but finished essentially where they began—an apt metaphor for a market digesting a quarter-point cut, a split dot-plot, and a Chair intent on starting an easing cycle without declaring victory.

The VettaFi Q3 Fixed Income Symposium came just less than 24 hours after the Federal Reserve instituted its first rate cut of the year. While this was widely expected by the capital markets, investors may not be well-positioned to maximize their fixed income exposure. It’s an ideal opportunity to take advantage of active management.

Cybersecurity continues to grab consistent media attention as hackers become increasingly emboldened. They’re also more ambitious in terms of targets, many of which are familiar companies behind goods and services consumed by Americans on a daily basis.

The buildout of data centers and the power grid may offer the best opportunity to generate sustained growth. The scale of investment is large enough to matter, the economic multipliers are high, and the timeline aligns with when fiscal pressure will peak.

During last week’s press conference after the Federal Reserve’s (Fed) rate decision, Chairman Jerome Powell warned his audience there is no risk-free path for interest rates right now.

The Fed operates under a dual mandate: to promote price stability and maximum employment. Lately, employment has taken center stage, prompting the Fed to resume its easing cycle with a 0.25% rate cut this week.

As expected, the Federal Reserve cut interest rates by 25 basis points last week. How will this impact the gold market?

The stock market surged to new highs after the Federal Reserve cut the federal funds rate last week and the futures market has priced in more cuts to come. However, these cuts have not helped reduce long-term interest rates and the price of gold has surged to over $3,700 an ounce.

Last week’s Fed meeting resulted in a much-anticipated interest rate reduction of 25 bps, to a range of 4 percent to 4.25 percent. This move followed a nine-month pause in its rate-cutting cycle, which began a year ago.

With German fiscal spending rising, interest rates low and reforms continuing, European value stocks have the potential to shine despite the current political uncertainties, says Franklin Mutual Series.

Water scarcity, supply-chain risk and board-level decisions underscore the importance of a stewardship lens.

The Fed’s cautious stance underscores the uncertainty facing markets. Bitcoin’s muted response reflects investors’ hesitation to commit until policy direction becomes clearer. For portfolios, this environment highlights the role of diversification and shows how macroeconomic shifts continue to influence digital assets alongside traditional investments.

While the last 12 months were profoundly shaped by the incoming Trump administration’s DOGE program, tariffs, immigration and foreign policy, what hasn't changed over the last year is that the bond market still represents good value despite policy initiatives that cloud the outlook: “We think the Fed is poised to ease, given weak employment reports,” Pierson said.

We hope you enjoy the latest newsletter from Harold Evensky.

When I first wrote to you about quantum computing in October 2024, I called it the “next big thing.” Many readers agreed that the potential of quantum computing was exciting but felt it could be a decade or more away from commercial viability.

The Federal Reserve’s recent rate cut of 25 basis points didn’t come as a surprise to the majority of the capital markets.

One of the most critical resources in 2025 is compute power. Chips and the data centers that house them have become the 21st-century equivalent of refineries and power plants, and governments are increasingly treating them as such.

China continues to struggle with deflation. Producer prices have been falling for more than two years, and consumer prices have been essentially flat over that time.

After decades of increasing global integration, signs of geopolitical and economic fracturing are becoming more visible.

To understand where the market might go, you need to weigh both the bull case and bear case in light of what is actually priced and what risks remain unacknowledged. The data support the bull momentum case, but many components are already baked into current prices.

I am growing more and more convinced that we simply can’t rely on historical precedents anymore. Economics is about human decisions, and humans, at least in a broad sense, seem to be making decisions differently than they did before the pandemic. I think we don’t fully understand how much has changed—for employment, inflation, consumer behavior, and more.

Senior Investment Strategist and Head of Canadian Strategy, BeiChen Lin, unpacked the latest rate decisions from major central banks. He also assessed the health of the U.S. housing market and potential opportunities in listed real estate.

From the lack of conviction in the previous meetings to last week’s “risk management cut,” Federal Reserve (Fed) officials continue to walk a very fine line, hoping for the effects of tariffs to be transitory.

Growth and income funds have a dual mandate to target both capital appreciation and current income, typically generated through dividends or interest payments.

ClearBridge Investments believes accelerating policy-driven investment and AI-driven data center growth are unlocking a multi-decade growth opportunity for listed utilities globally.

As regional misalignments risk significant performance deviations amid trade uncertainty, let’s look at how overlay management can potentially help to guide global equity portfolios.

Investors must know how to navigate the current fixed-income environment in which the Fed is easing monetary policy, and how best to maximize cash as opposed to letting it sit idly by on the sidelines.

The Federal Reserve’s September meeting may be remembered less for the modest quarter-point cut it delivered and more for what it revealed about the state of the institution itself.

The US Federal Reserve’s (Fed) recent interest-rate cut is a shift in monetary policy that could signal a change in how retirement plan sponsors view capital preservation strategies.

The U.S. Federal Reserve (Fed) cut interest rates by 0.25% today in a decision widely expected by investors. More notably, the central bank’s forecasts reveal a committee starkly divided on the path forward for rates.

Vanguard continues to bolster its active ETF lineup with a new, high yield fund — the Vanguard High-Yield Active ETF (VGHY). It’s the first high yield active ETF from Vanguard, bringing their current active ETF roster to nine funds.

Hearts, Minds & Wallets: The Thin Book That Closes Gigantic Deals, a profound new book from Jennifer Morgan, presents itself as a practical guide for professionals to communicate more effectively. As it says on the tin, it is a thin book that provides effective ideas and methodologies for closing deals. However, its true value transcends that because it is about so much more.

The Federal Reserve resumed its rate-cutting cycle at the September meeting, lowering its policy rate by 25 basis points (bps) to a range of 4%–4.25%, after being on hold since its previous cut in December. The Fed also signaled a less restrictive stance to come amid mounting labor m

Labor concerns and persistent inflation have the Fed penciling in up to two additional cuts by the end of 2025.

Advisors and investors aren’t the only ones looking to pick up exposure to bitcoin these days. Even the most old-school and traditional firms on the market are starting to consider building exposure to the cryptocurrency.

The Fed lowered rates by a quarter of a percentage point (0.25%) at its September meeting, citing increased risks to employment; Powell emphasized ongoing inflation and a divided Committee, with future moves dependent on incoming data.

The One Big Beautiful Bill Act (OBBBA) solidifies the current tax rate schedule, introduces new tax changes for individuals and businesses, and offers opportunities tax-smart strategies. Our Bill Cass shares some planning considerations for 2025 and beyond.

Target date funds represent the investment industry's best thinking about how people should invest for retirement.

Blended finance has the potential to transform overlooked markets into investable opportunities.

The Federal Reserve cut interest rates today by 25 basis points (bps), following months of speculation about inflation, politics, and economic data.

The Federal Reserve cut rates by 0.25% today, citing a rising risk to the employment side of their dual mandate. While that was no surprise, there were many questions on where the Fed would go from here, and what it would take to accelerate or slow the pace of policy adjustment.

The summary of economic projections and “dot plot” that reveals where members of the Federal Open Market Committee (FOMC) expect the economy and rates to go in coming years will be interesting given the recent slowdown in job growth and relatively little upward pressure on inflation.

Although the Fed does focus on its dual mandate of employment and inflation, there is no question that the primary focus right now is on the employment side of the equation, especially given the recent stalling out in new job creation.

As expected, the Federal Reserve cut its short-term interest rate, citing concerns about slowing job growth. Where Fed policy goes from here is less clear.

Artificial intelligence is poised to revolutionize healthcare. Its headline-grabbing potential in drug discovery is still years from materializing. However, its impact is already tangible in diagnostics and treatment selection. Leading this immediate charge is Tempus AI, a company focused on structuring the complex data needed to make personalized patient care a reality.

The U.S. Federal Reserve today implemented an interest rate cut of 25 basis points. The question remains: Just how aggressive will they be the rest of the year and beyond? That may cause anxiety for fixed income investors who have long been accustomed to higher yields in an environment of persistent, sticky inflation.

In our last discussion, we spent some time reviewing the use of tariffs in the 19th century. Since contemporary discussions of tariffs usually begin and end with the Smoot-Hawley Tariff Act of 1930, there is a tendency to view tariffs myopically through the lens of the Great Depression.