Growth now takes far more investment than it used to. Trade is reorganizing, energy risks are rising, and inflation lingers.

Highlights from the week of July 17 – July 23, 2026.

Last week, America celebrated 57 years since we strapped three guys to a building-sized firecracker and yeeted them at the moon. The labor market saw that anniversary and said, “Hold my clipboard.”

New Fed Chair Kevin Warsh appears ready to give markets fewer signals. That may give the Fed more flexibility, but it also gives every data point more power to move markets.

Elevated coupon income should continue to support senior loan returns in the second half of 2026, but tighter valuations and rising sector dispersion...

The June payrolls report came in at 57,000, well short of expectations, and the prior months got revised downward for good measure. Hiring has been slowing all year. This report just made the trend harder to explain away.

The back half of 2026 may hinge on six themes: AI spending, uneven growth, labor supply, sticky inflation, uneasy central banks, and volatile bond markets.

Get the latest insights from our securitized credit desk.

As companies look to bond markets to fund AI investment, the credit impact is showing up in more selective ways, creating opportunities for active investors.

An energy shock, sticky inflation, and fractured global policy have made the path forward less forgiving.