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.

Long-term economic trends have left the U.S. economy increasingly reliant on spending by upper-income households. We unpack the potential implications for economic stability and Federal Reserve policymaking.

The two largest Asian equity markets have the potential to rally further. Within corporate bonds, quality credits should prevail.

European stocks look set to benefit from reflation, but heavier bond supply and tighter investor demand are likely to push yields higher.

Weakening labour markets could spur further Bank of England rate cuts and Gilt strength, even as the UK’s undervalued equity market offers opportunities.

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

We recommend focusing on stocks with quality characteristics and would add more duration to government bond exposure.

After three consecutive years of strong gains for most equity markets, nothing historically rules out a fourth.