Real Estate

Ten years ago this week, the world watched the United Kingdom vote to walk away from the European Union. While the political class was clutching its pearls and every talking head on television was promising Armageddon by Christmas, I told you something different.

Chris Galipeau discusses high-conviction insights that go beyond media headlines.

A widening confidence gap in non-traded investment vehicles is testing private credit valuations, sharpening the case for manager selection and diversification beyond direct lending.

Friedman was reasoning from the equation of exchange, MV = PQ. Money times velocity equals prices times real output. It’s an identity, not a theory. Where it gets interesting is when you ask which variable does the work.

The dominant theme this week was a tug of war between improving macroeconomic conditions and weakness in parts of the technology sector.

From our experience participating in Fed meetings, we know that the dot plot has never been universally embraced within the institution. The concern was not that it lacked informational value, but rather that markets interpreted it as a forecast, which was never its intended purpose. Forward guidance is meant to shape expectations and influence behavior, not to serve as a firm prediction of future policy decisions.

Markets have been hyper-focused on AI, crypto and buffer ETFs, but REIT ETFs have quietly staged an impressive comeback. The REIT terrain has shifted rapidly over recent years, and forward-looking investors and advisors have taken notice.

Last week’s data reaffirmed that inflation pressures remain the defining narrative across the economic landscape.

I’m hopeful new chair Kevin Warsh will help change the Fed’s inflation-tolerating institutional culture. Early signs look positive. Today we’ll talk about how insidious inflation is and why those who think a little inflation is fine should have their heads examined. It is not fine… for anyone.

Private credit is having a moment in the headlines. Higher interest rates and a pullback in certain types of bank lending have pushed more financing activity into private markets. Investors may be left with a simple question: What exactly is private credit?

In a world of high starting yields and rupturing economic alliances, investors who actively diversify across regions, sectors, and currencies can be better positioned to pursue durable returns.

As the market continues to broaden in 2026, a balanced approach matters more than ever.

New Fed Chair Kevin Warsh is already reshaping policy communication by reducing forward guidance, questioning the dot plot’s future and emphasizing real-time data, potentially increasing Treasury market volatility.

What if the debt crisis investors have feared is not still ahead, but already here, unfolding in plain sight? In his June insight, Richard Bernstein, Global Head of Macro & Customized Investing, makes the case that the market may already be penalizing U.S. fiscal excess, not through a dramatic collapse, but through a slow burn with real consequences for investors and the broader economy.

According to Gleason, the freezing of Russian assets following the 2022 invasion of Ukraine accelerated the global push toward de-dollarization. Nations around the world took notice that access to the dollar-based financial system could be restricted, increasing the appeal of gold as a reserve asset that cannot be frozen or sanctioned by foreign governments.

Kevin Warsh’s first Federal Reserve meeting as chair mattered less for the rate decision than for what he revealed about how the Fed intends to operate. Warsh signaled a shift toward less guidance and more flexibility.

Municipal bonds often see a seasonal lift during the summer months. This pattern, known as summer technicals, stems from a straightforward supply and demand imbalance that tends to favor bond prices. Over the past ten years, the summer months (May through July) have generally been positive months for the Bloomberg Municipal Bond Index, with monthly returns averaging +0.83%, +0.43%, and +0.82%, respectively.

There’s a new sheriff in town over at the Federal Reserve. He sounds a lot different than the old sheriff, but one would be wise to remember that Kevin Warsh is enforcing the same laws in the same town as Jerome Powell did.

U.S. equities posted a modest advance during the holiday-shortened trading week despite a Wednesday sell-off following a more hawkish than expected Federal Reserve meeting under its new chair, Kevin Warsh.

Kevin Warsh, the new chairman of the FOMC, has long been critical of forward guidance, which is the Fed’s practice of explicitly signaling the future path of interest rates (e.g., “rates will stay low for an extended period” or publishing a projected path for policy rates). His concern is that the guidance could give the impression that policymakers might have a high degree of confidence about the future path of the economy and rates.

Chris Galipeau discusses high-conviction insights that go beyond media headlines.

The announcement of an extended ceasefire in the Middle East is welcome news. The accord, which is scheduled to be signed late this week, reduces a source of geopolitical uncertainty that has hovered over the global economy. But significant risks remain.

Discover why DoubleLine's Jeffrey Gundlach is urging a structural defensive rotation into emerging markets and international assets.

The convergence of long-term structural drivers and emerging cyclical tailwinds suggests the industrial sector may be approaching an inflection point, with conditions increasingly supportive of new development.

Emerging market (EM) fixed income's risk-adjusted profile has meaningfully improved. Sharpe ratios across EM credit and local rates have rebounded, with EM credit delivering one of the strongest risk-adjusted performances in fixed income over the past two years.

Roth conversions provide tax-free retirement income to hedge against future tax hikes, but they trigger an immediate tax bill. Fortunately, strategic planning can help minimize this upfront cost.

As the summer economic landscape takes shape, investors are navigating shifting monetary policy, stubborn inflation pressures, and unexpected market momentum. This week’s snapshot breaks down the most critical updates and data releases from the past week to give you a clear view of where the economy is heading.

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.

Reserve managers' decisions on EM debt go beyond investment potential—they must also weigh considerations such as governance, resources and liquidity.

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.

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 August 2025, the US President Donald Trump signed an executive order aimed at broadening the investments available in defined contribution plans (DC plans). On March 30, 2026, the US Department of Labor issued proposed guidance regarding a plan fiduciary’s selection of investments, including private market and other alternative investments, in 401(k) plans.

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.

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.

One of the most debated topics in private credit is the size of the investment opportunity – or, in industry parlance, the total addressable market (TAM). But the way TAM is typically framed can be misleading.

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.

J.P. Morgan converted two mutual funds into active muni ETFs for California and New York investors seeking tax-free income.

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.

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.

Chris Galipeau discusses high-conviction insights that go beyond media headlines.

The K-shaped economy has become shorthand for a tidy story. The rich pull away while everyone else falls behind. It fits the mood, and it makes for a sharp headline. The problem is that it’s mostly wrong. 

GMO has posted a new 7-Year asset class forecast as of May 31, 2026.

The U.S. economy faced intensifying headwinds in May as both consumer and wholesale inflation metrics surged to multi-year highs.

The current economic downturn is best described as hybrid and structurally driven. It leans heavily on demand constraints, though it is triggered and complicated by ongoing supply shocks.

In this month’s Allocation Views, strong corporate fundamentals and resilient growth fuel our continued optimism toward equities into June, despite persistent inflation and more restrictive monetary policy.

Since early 2025, value stocks have enjoyed a strong run, defying market volatility driven by trade tensions, geopolitical stress and macroeconomic uncertainty. That resilience may seem counterintuitive given value’s historically cyclical profile. Yet, we believe the underlying characteristics of value stocks are proving particularly well suited to today’s evolving market landscape.

Inflation and geopolitical uncertainty are pushing advisors and investors to rethink how they build diversified portfolios.

May saw 148 new ETF launches in May alone – although launch figures were partially driven by a 37-fund rollout from Corgi Insurance Services.

For more than four decades, PIMCO’s Secular Forum has provided a disciplined framework for stepping back from short-term market noise to assess the structural forces that will shape the global economy and markets over the next five years. Yet rarely has this exercise been more consequential than it has recently.

LPL Research analyzes bond markets as yields rise, exploring Fed policy expectations, inflation trends, and whether bad news is already priced into Treasuries.