Long – Term Treasuries Are Misbehaving
Last week, stock prices were up and bond prices were down (yields up). The MSCI Emerging Markets and MSCI EAFE indices outperformed the S&P 500. The best-performing sectors in the S&P 500 were energy, utilities, and consumer staples. Across U.S. Russell style and market-cap indices, mid-cap growth performed best, but the value factor led more broadly.
As for fixed income, the 10-year Treasury yield was up to 4.69% over the week, and the 2s/10s Treasury yield spread steepened to +52 bps. High-yield bond spreads were nearly flat at 265 bps and still remain well below the 2025 high of 453 bps.
Before Your Client Funds a Trump Account, Ask Them ‘Why’
Before funding a Trump Account, families should evaluate their broader gifting goals. Learn how Trump Accounts compare with 529 plans, custodial accounts, and brokerage strategies.
Choosing a Corporate Trustee: Why Separation of Duties Can Protect Your Family
One of the more important decisions when setting up a trust is deciding who will actually administer it. Sometimes a family member is well suited to the role, but if not, there are reasons to consider a corporate trustee instead: no relative able or willing to take it on, complex assets that call for professional management, concern about future incapacity, or a blended family where a neutral party can help reduce friction. A corporate trustee is simply an institution, not an individual, that takes on the legal responsibility of managing a trust’s assets and carrying out its terms.
Jackson Hole Under the Spotlight: Can the Fed Restore Confidence?
The speech by the Chairman of the Federal Reserve on the last full day of the Jackson Hole Economic Policy Symposium is always a highly anticipated event. This year it arguably carries more immediate significance than usual, as Chairman Warsh’s words will be delivered in the shadow of both his previous FOMC press conference and the recent actions of Secretary Scott Bessent— neither of which was particularly well received by global bond markets. 30-year Treasury yields often serve as a vote on the credibility of both Warsh and Bessent and will be closely watched throughout the week.