07/29/2026
Our Mid-Year Market Outlook is out: New Drivers of Growth
The first half of 2026 didn't lack for headlines. Renewed tension in the Middle East rattled energy markets, but a strong Q2 earnings season pulled indexes back near record highs. Underneath it all, AI infrastructure spending is doing something interesting: it's driving growth, but it's also creating new inflation pressure through semiconductor and memory pricing. Not exactly the disinflationary story tech usually tells.
The Fed is watching the same thing we are. Core inflation hasn't cooperated, and the rate cuts everyone expected in January now look less likely than a hike before year-end.
We break all of this down in our latest commentary, including where we think this leaves the rest of 2026.
Full outlook here: https://www.gallachercapital.com/commentary-2026-mid-year-outlook