Many have drawn the comparison between the current AI buildout with the dotcom period in the late 1990s, when the infrastructure for the internet was built. It’s a sensible comparison to make because of the massive amount of capital deployed to commercialize the buildout of revolutionary and life-changing technology. It’s also a reasonable comparison to make because technology stocks drove one of the biggest stock market rallies in history more than 25 years ago, and some are using similar language today when discussing the potential (and we underscore potential) of AI and bidding up the valuations of AI companies poised to benefi

The Post-Powell Transition: As Jerome Powell’s tenure as Federal Reserve (Fed) chair draws to a close, markets are beginning to look beyond the familiar playbook that has guided monetary policy for much of the past decade. A likely transition to a Kevin Warsh–led Fed would represent more than a change in leadership — it could signal a shift in how the central bank interacts with markets, balances transparency with discipline, and defines its own role in the financial system.

A Smaller Fed Footprint: Warsh has consistently argued for a smaller Fed footprint, less explicit guidance, and a greater role for market p

With April behind us, we conducted a deep dive into exchange-traded fund (ETF) flows over the month and year-to-date (YTD) periods. Flows measure the net movement of cash into and out of investment vehicles, such as mutual funds and ETFs. We analyzed flows to gain insight on investor demand and sentiment surrounding asset classes, sectors, and other segments of markets.

Broad Asset Class Flows

Following a global market sell-off in March, risk assets surged in April, with most equity categories posting double-digit gains. Easing geopolitical tensions and lower oil prices helped stabilize sentiment, allowing investors to ref...
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Gold’s behavior since the escalation of conflict in the Middle East has been, at first glance, counterintuitive. Periods of geopolitical stress typically push investors toward gold as a safe haven. Instead, gold prices have struggled to gain any sort of consistent traction, even amid one of the most severe global energy disruptions in decades. Understanding why requires stepping back and recognizing that gold does not sit neatly in any one asset category. It actually straddles several as gold simultaneously functions as a commodity, a reserve asset, and a currency surrogate. That overlapping identity is important, because it means the r