09/28/2026
Capital finally has alternatives.
For years, investors had to reach further for return. Today, bonds are paying more than they have in nearly two decades, and every other investment has to clear that bar.
Five things we're watching:
1. The economy continues to absorb pressure.
Growth remains resilient despite higher borrowing costs.
2. Bonds are competing again.
Meaningful yields are raising the hurdle for every new investment.
3. Energy remains a wildcard.
Higher prices can move from the gas pump into inflation, margins and rates.
4. AI enters its proving phase.
The question is shifting from how much is being spent to what that spending ultimately earns.
5. Earnings growth is becoming broader.
More sectors are participating, creating a healthier foundation for markets.
When cash, bonds, businesses, real estate and private investments all compete for capital, where is the risk worth taking?