Last week, after months of will-they-won’t-they speculation, the Federal Open Market Committee (FOMC) voted unanimously to hike the benchmark federal funds rate by 25 basis points at the conclusion of their September meeting.

This marks the first rate hike since 2023 and signals a shift to a more restrictive regime at the central bank. Markets and economists largely expected this result heading into the meeting as the Federal Reserve (Fed) remains laser focused on reducing inflation under newly appointed Chair Kevin Warsh.

In his post-meeting press conference, Chair Warsh indicated that the time was ripe for a

Profit margins have historically been cyclical, but the recent performance of S&P 500 companies has many investors questioning whether this rule still stands. Structural changes in the composition of the index, and the higher margin profile that results from that change, suggest that a higher baseline margin is justified. However, we argue that some portions of current and future profit margins are either cyclical or temporary, yet are being capitalized as permanent in current analyst forecasts. Here, we analyze the historical trajectory of S&P 500 margins, estimate how much of the recent margin expansion is structural vs. cyclical/tem

Washington's inflation fight and Beijing's growth problem are pulling the global economy in opposite directions — and investors are repricing both at once.

The Federal Reserve (Fed) made something clear this week that markets had been reluctant to accept. Apparently, the easing cycle isn't paused, it's over for now. The Federal Open Market Committee (FOMC) voted unanimously to raise the benchmark rate by 25 basis points to a target range of 3.75–4.00% — its first hike since 2023 — and the dot plot now shows 16 of 18 officials expecting at least one additional increase before year-end, with

From the end of July through the middle of August, I set out on something closer to an expedition than a series of interviews. Across nearly 40 portfolio management teams spanning mutual funds, exchange-traded funds (ETFs), and separately managed accounts (SMAs) in large cap growth, large blend, and large value, I wasn't searching for soundbites. I was searching for buried treasure. Every team was given the same eight questions, carefully designed to eliminate shortcuts, strip away coaching, and create a level playing field where genuine insight could surface. The map was identical for everyone. What varied were the clues.

As