We revisit 2025’s defining themes, and discuss why ‘sequencing’ - timing entries and exits around range bound rate moves and curve shape rather than level - matters as markets stabilize and growth re-accelerates. 

Marc Mogull and Hani Redha dive into macro trends, technological change, inflation’s “higher resting heart rate,” and the growing importance of asset scarcity and trust. 

We discuss growth and inflation outlooks, labor market risks, the Fed’s evolving policy stance, and explain why sometimes the absence of market movement is the biggest clue of all.

We discuss the improving US growth picture heading into 2026, the implications of stabilizing growth, inflation, and monetary policy - and why the market may be underestimating the impact of fiscal tailwinds like tax refunds.

We explore why monetary policy is at a crossroads, and what it means for yields, credibility, and curve dynamics.