On the surface, the numbers appear exceptional. U.S. venture-backed companies raised more than $400 billion during the first half of 2026, more than all of 2025, and SpaceX's IPO helped produce the largest venture exit quarter on record. However, beneath those headlines, the backdrop is more nuanced. Most of the capital is flowing to artificial intelligence (AI) companies, and large, established managers are capturing a growing share of new fund commitments. For investors with access to the leading companies and managers, this environment may be attractive. For others, it can compound the risks already inherent in venture capital investin

There’s been no shortage of Treasury market headlines lately. Higher oil prices, geopolitical uncertainty, weak Treasury auctions, and monetary policy changes and expectations have all played a part in driving yields to multi-decade highs (especially the long end). Rising rates and rapid Treasury refinancing are increasing interest costs and further tightening Washington’s already limited fiscal flexibility, and Treasury has taken note. But while Treasury buybacks can improve market liquidity, their limited scale cannot offset growing supply or persistent inflation concerns. Several warning signs are emerging, although current con

Broadly speaking, the directional drivers for stocks in September could be boiled down to the oil market, the bond market, and central banks. And not surprisingly, all three can influence each other. As the Iran conflict stretched through a seventh month, correlation data for oil prices and the S&P 500 suggests that equity markets grew increasingly sensitive to swings in crude (and geopolitical updates) as investors weighed ramps in both kinetic activity and hopes for diplomatic resolution. And while headlines have and will continue to focus on oil prices, market focus may also be shifting one step deeper to refined product availability &

With the days growing shorter and the third quarter coming to a close, investors are turning their attention to the opportunities and risks that could shape markets through December. But volatility isn’t likely to dissipate as the year ends. Many of the concerns that have weighed on investors’ minds will continue to do so. But fundamentals also remain strong, and they have helped markets climb the wall of worry throughout the last two years

As we head into the fourth quarter, some of the major issues that will garner attention are the mid-term elections, interest rates and the Federal Reserve (Fed), and third quarter