After the Fed’s recent 25 basis point rate cut, U.S. equities surged to all-time highs. Economic resilience and monetary easing seem to be driving markets to embrace risk again. But how well has that risk translated into returns? Let’s look at a few different investment styles to see how they’ve fared lately.

After years of underperformance relative to U.S. markets, international equities are staging a strong comeback in 2025. 

Estimating our current position in the business cycle is highly useful for asset allocation, as specific asset classes tend to perform differently depending on which stage of the cycle the economy is currently in. In situations like now when economic data can be conflicting, it’s helpful to look at the high yield spread as a proxy. Here’s what it says about the cycle, and what it could mean for your portfolio.

Despite the numerous headlines around potential stagflation and recession, the U.S. economy continues to show signs of strength and stability. While growth has cooled from its post-pandemic highs, the data points to a controlled normalization. Here’s what’s happening, and what it means for your portfolio...