Highlights from the week of August 7 – August 13, 2026.

As the market broadens beyond the AI trade, shifting Fed signals and lofty earnings expectations demand more active judgment.

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

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 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.