This article reviews historical and contemporary attempts by world leaders—from Nixon's price controls to European energy subsidies—to contain costs, ultimately illustrating the limits of policy intervention in combating inflation. While some measures provided temporary relief, the persistent challenge of high prices remains a central political concern.
We enter 2026 after a year of robust global stock gains on AI optimism, falling interest rates and a resilient world economy. Beneath this stability, however, lies a more fragile environment.
In times of uncertainty — whether in sport or in markets — the ability to separate fact from feeling — or ideology — is critical. This principle applies across leadership, investing and even today’s AI-driven economy.
We examine valuations in historical context, how today’s market compare to the tech bubble of the 1990s and what’s driving stock gains now.
Closing the books on fiscal year 2025, the U.S. ran a deficit of $1.77 trillion, a slight improvement from $1.83 trillion in 2024. But a peacetime deficit exceeding 6% of gross domestic product (GDP) is still cause for worry.
Capital controls can be used to keep investors at home. Bank reserve and liquidity requirements can also be employed for this purpose: U.S. banks hold $2 trillion more in government debt than they did six years ago.
The prime-age labor force participation rate of 84.6% in January 1999 is still a record high. But the pace of hiring distinguishes the two eras. In the 1990s, anyone with marginal tech skills could readily find work. Information sector employment grew over 27% from 1995 to 2000, while total nonfarm employment gained 12%.
Looking back to the 1990s need not be just a matter of nostalgia. Those too young to have lived it envy the fortunes made as technology firms grew. Seasoned investors who worked through the cycle can warn us of the pain of a correction. Along the way, the cycle taught useful lessons.
Sports wagering has come a long way since then. Global revenue derived from this activity now exceeds $100 billion, and is expected to grow exponentially in the years ahead.
2025 has not been just a story of U.S. resilience. The Asia-Pacific (APAC) region has weathered storms and stayed firmly on course.
Before we started some recent home renovations, neighbors offered advice: stay patient. Construction projects feature weeks that feel like no progress has been made, and days that feel like everything has changed at once.
Every innovation follows a lifecycle, from breakthrough to ubiquity to obsolescence. The Edison bulb once lit up the world, transforming how we lived and worked. But it was ultimately replaced by more efficient and sustainable alternatives.
The U.S. government shutdown is about to enter its second month. We did not rush to comment on it, because we didn’t think that it would have much of an economic impact. But the risk that lasting damage will be done is rising.
While many lessons have evolved over time, one maxim has never changed for children: look both ways before crossing the street. I reinforced with my children to then look again. We might not see everything on a quick glance, and traffic can change quickly.
Two weeks ago, the International Monetary Fund (IMF) issued an updated World Economic Outlook. In it, the IMF edged up its global growth forecast for 2025, suggesting that U.S. tariffs haven’t turned out to be as damaging as the Fund anticipated in April.
These shifts are not signs of stress; shortfalls have been minor, and relief systems are working as intended. However, we can be certain the era of excess liquidity has ended. Fed speakers have characterized the pandemic-stimulated economy as one of “abundant reserves,” with bank reserves elevated beyond their natural level.
Global equity markets have surged this year, in spite of moderate economic growth and an accumulating series of risks. This has led some to worry that valuations have been stretched a little too far. The same can be said of credit markets, which have seen spreads fall to levels last seen in 2007.
U.S.-China frictions continue, highlighting that greater volatility is likely not a bug of the current trade stand-off but a feature of the emerging geopolitical landscape.
Not all low volatility strategies are created equal. The goal may be simple — smoother returns with less risk — but execution determines success. Portfolios built only on historical volatility can leave investors vulnerable.
After an extended period of surprisingly resilient economic activity, marked by buoyant consumer spending and robust labor market gains, the U.S. economy is shifting gears. The sprint phase, characterized by fiscal tailwinds and pent-up demand, is giving way to a more measured pace.
Broad measures of the U.S. economy are strong. Stock market indices have set new record highs this year.
In high-stakes negotiations, there are usually a series of threats and retreats before the final handshake. Each side uses bargaining chips to shape the outcome of the discussions. But bargaining chips don’t always lead to bargains.
So while there is a lot of focus on drug prices, measures taken to date are unlikely to make a meaningful impact on costs paid by the U.S. and its citizens. More fundamental reform would likely take an act of Congress, which would be hotly contested by lobbyists. There is no end in sight for debate on this front.
We examine the broader implications of China’s threat to expand restrictions on rare-earth exports.
Argentina's latest lifeline does not address the nation's structural issues.
The GENIUS Act shows the way forward for payment stablecoins.
With the U.S. government shut down, the Labor Department was unable to release the monthly employment report on October 3. You could almost sense the economics community experiencing a kind of withdrawal, not sure of how to cope with the deprivation of data.
Private equity secondaries transactions likely will surge to a record in 2025. Learn what’s driving institutional investors to use them.
Labor markets are not keeping pace with young adult populations.
The office real estate sector is working through a difficult cycle.
Powering intelligence: the molecules, metals, and markets behind AI.
How the shutdown may impact the Federal Reserve, the economy, stocks and bond yields.
Central banks are walking a tightrope, carefully fine-tuning their next moves as they face lingering inflation and subdued growth.
Oil prices are notoriously difficult to forecast. Production can be volatile, and the global oil supply chain is complex.
Back in the day, the arrival of the postman was a big deal. E-mail and texting existed only in the dreams of technologists, so people communicated with one another by writing letters.
Investors are increasingly confident that the U.S. Federal Reserve will cut interest rates several times through mid-2026, signaling a more aggressive easing cycle.
Clearer policy and lower rates are favorable for growth.
Healthcare costs will be a chronic pain.
France, Britain, and the Fight for Fiscal Credibility
China continues to struggle with deflation. Producer prices have been falling for more than two years, and consumer prices have been essentially flat over that time.
The Fed lowered rates by a quarter of a percentage point (0.25%) at its September meeting, citing increased risks to employment; Powell emphasized ongoing inflation and a divided Committee, with future moves dependent on incoming data.
Cuts are in store, but decisions will be weighed carefully.
Today, volatility isn’t a blip on your radar; it’s the landscape. The question isn’t if, but when the next market shaking event will hit your portfolio. So, are you equipped—or exposed?
Gold, digital gold (blockchain-backed gold), and critical minerals are drawing interest as money supply grows and certain resources become scarcer.
The U.S. economy has thus far avoided recession, yet growth has decelerated and economic risks persist.
Independent central banks are a relatively recent concept.
Relations across the English Channel have stabilized.
Powell’s speech seemed to give an all-clear signal for a cut in September. The speech started with a focus on the softening labor market, concluding it is in a “curious kind of balance” with rising risks of layoffs.
Radical policy changes can launch new economic eras.
The year to date has been complicated by a cloud of uncertainty as a new U.S. administration took the world economy by storm.
