Market Commentary
Get our experts' perspective on recent market trends and what they could mean for your investment portfolio.
The latest commentary
Bonds
Municipal Bond Risks in 2026
While our outlook for the municipal bond market in 2026 is positive overall, we have identified five risks that we believe should be on investors' radar.
Markets and Economy
Stocks up on Tech Rally
Tech stocks keyed an early rally ahead of Intel's earnings and as geopolitical concerns eased. PCE looms ahead of next week's Fed meeting, and yields rose as GDP ticked higher.
Market Volatility
Stocks Sink on Trade Tensions
U.S. stocks face broad sell-off and Treasurys plunge with investors rattled by tariff threats amid President Trump's push to acquire Greenland.
Government Policy
Washington: What to Watch Now
Congress is racing to pass six appropriations bills before the January 30 deadline, while the Supreme Court prepares to hear the administration's case against a Fed governor.
Markets and Economy
Year-End Targets
Year-end S&P 500 price targets implicitly assume continuity and fail to recognize volatility and macro forces that affect markets throughout any given year.
The Latest Threat to Fed Independence
With continuing pressure on Fed independence and mixed signals from the economy, how will the markets react?
US stocks and economy
Our perspective on what's driving U.S. equity markets
Markets and Economy
Market Snapshot
Liz Ann Sonders shares her perspective on the U.S. stock market and economy in this monthly Market Snapshot video.
Markets and Economy
Year-End Targets
Year-end S&P 500 price targets implicitly assume continuity and fail to recognize volatility and macro forces that affect markets throughout any given year.
The Latest Threat to Fed Independence
With continuing pressure on Fed independence and mixed signals from the economy, how will the markets react?
The Markets React to Venezuela
Liz Ann Sonders and Kathy Jones discuss the market reactions to the news out of Venezuela and analyze the latest economic indicators.
International stocks and economy
Our take on crosscurrents affecting international equities
International
EM: AI Opportunity and AI Risk
Technology has become a major driver of emerging-market stock performance.
Markets and Economy
Perspective: 2026 Outlook
Investors are navigating not just uncertainty, but an unstable environment influenced by tariffs and inflation, among other factors. While volatility may increase, there is likely room for another solid year in 2026, especially for fixed income and international stocks.
International
2026 International Outlook
International stocks could be poised for another strong year in 2026 due to accelerating global growth, attractive valuations and the potential for dollar weakness.
International
German Stimulus: What's Next?
German officials announced a massive stimulus program in early 2025. The results have been underwhelming so far, but we believe the economic boost to Germany and Europe is still coming.
Fixed income
Insights on the latest developments in fixed income and currency markets
Bonds
Municipal Bond Risks in 2026
While our outlook for the municipal bond market in 2026 is positive overall, we have identified five risks that we believe should be on investors' radar.
The Latest Threat to Fed Independence
With continuing pressure on Fed independence and mixed signals from the economy, how will the markets react?
Markets and Economy
Bonds: What Could Go Wrong?
We expect another generally good year for bond returns this year, but even the best-laid plans can go awry when circumstances change. Here are four risks to our outlook.
The Markets React to Venezuela
Liz Ann Sonders and Kathy Jones discuss the market reactions to the news out of Venezuela and analyze the latest economic indicators.
Government affairs
Our take on policy decisions that may affect markets and investments
Investors Eyeing Big Issues
As the government reopens, investors are watching for the Fed to make rate decisions, Congress to avoid another shutdown, and the Supreme Court to rule on the legality of tariffs.
