IN THIS ISSUE

• Macro Strategy — Macro Market Movers: The Top 10 Questions (and Answers) of 2026: The year ahead outlook suggests the bull market will likely persist, driven by strong U.S. economic activity, earnings growth, and supportive policies, despite lingering uncertainties around consumers, Artificial Intelligence, currencies, and global dynamics.
  
  
• Market View — 2025 in Review: 10 Key Figures Investors Should Remember: From Artificial Intelligence adoption to money market fund assets to the path of the dollar, key metrics from 2025 remain top of mind for us as we enter 2026.
  
  
• Thought of the Week — 2025: A Year of Highs, (Liberation Day) Lows and Resilience in Global Markets: U.S. Equities ended 2025 strong with an S&P 500 gain, driven by Artificial Intelligence-led technology and broadening market participation, setting a bullish tone for 2026.​