The euro area defied expectations in 2025, delivering growth amid a challenging environment. Yet beneath this resilience, Europe has started to redraw its economic and strategic maps.

President Donald Trump’s campaign to get rid of Fed Chair Jerome Powell culminated in the most likely outcome—simply nominating a replacement. With Kevin Warsh on track to be the next chair, we look at the potential economic and market impacts.

AI investment has more runway ahead, in our view. A shift toward monetization, return on investment, and enterprise applications strengthens the case for diversifying beyond Big Tech to capture broader opportunities.

Global and domestic headlines have put the focus squarely on U.S. sovereign assets. We look at what steps investors should take in this time of shifting economic messages.

Over the past decade, the S&P 500, which has historically been viewed as a balanced cross-section of the U.S. economy, has slowly transformed into a tech- and AI-dominated index. We believe this “Great Narrowing” should be top of mind for investors.

U.S. stocks powered through tariff turbulence on the way to all-time highs. But it’s only natural to question whether the three-year winning streak can be extended. We look at what drove equities in 2025 and how prospects for 2026 are shaping up.

Stock and bond market returns face high hurdles in 2026, but we think the former should be given the benefit of the doubt.

AI is seldom out of the headlines in 2025, with defining developments coming one after another. We look at where AI is today and how its promise is matched against technological, economic, and geopolitical challenges.