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Our 2026 outlook shows fixed income continuing to benefit from elevated rates, while equities still face a narrowing edge over risk-free investments.

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.

As we approach 2026, what can investors expect from the equities market, fixed income, and the overall US economy in the new year?

We continue to suggest an up-in-quality fixed income bias for the short run, but investors can still consider some of the riskier parts of the fixed income market in moderation.

We believe municipal bonds will continue to offer attractive tax-adjusted yields in 2026, while credit quality should remain stable.

Overall, we expect 2026 to be another good year of returns for bond investors, but the range of potential outcomes is wide.

Answers to questions investors are currently asking about Treasury bonds, tax policy, credit quality and other issues currently affecting fixed income investments.