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Market Commentary

A glance at the previous month’s market events and thoughts on the near future.

AI Resilience Confronts a New Higher-Rate Regime

September 2026

  • Fed hike rates
  • AI defies headwinds
  • $100 oil shock
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Do You Have To Let It Linger?

August 2026

  • AI regained leadership
  • Inflation remains the market’s biggest risk
  • Risk appetite improved, but not indiscriminately
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Leadership Rotates as Higher Rates Challenge AI Momentum

July 2026

  • AI trade didn't break; the valuation assumptions behind it did
  • Markets shifted from rewarding AI investment to demanding AI monetization
  • Rising yields exposed crowded positioning and accelerated leadership rotation
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Risk Rally Pauses as Warsh's Fed Reprices Policy Risk

June 2026

  • Warsh - from risk-taking to policy repricing
  • Equity leadership broadened beyond AI
  • Oil selloff and stronger dollar drove broad commodity weakness
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