Highlights from the week of June 19 – June 25, 2026.

Last week, America's pre-birthday physical came back mixed. The labor market remains robust and spending is up. The number nobody wants elevated is inflation, which reached a three-year high. Factory orders are the bruise that looks worse than it is; blame aircraft.

As the stock market rally faces fresh uncertainty, another trend is emerging: margin debt is on the rise.

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.

The Strait of Hormuz spent the spring operating as the most expensive parking lot in human history, a few hundred oil tankers idling in the Gulf and running up a tab the entire planet was somehow on the hook for. This week, the U.S.–Iran interim deal to reopen it stripped the risk premium that had been welded onto every barrel. Crude that had surged on the disruption reversed hard the moment the market decided the oil was no longer stuck.

​​Recent liquidity events related to portfolio companies in which PIF invests through its private equity holdings​.

Jim Lydotes flips the timer on our Grassroots Research on data centers, healthcare companies reinvesting AI dividends, and the breakdown in common value metrics.

Nobody walked into this week expecting a bargain, but the final number still surprises you when you see it on the window.

Dividend yield reflects what a company paid; price-to-book what it owns. Neither captures what it can do next.

The disinflationary story of 2025 was going well. Prices were falling, central banks softening, and the path back to the Fed’s 2% inflation target looked less like a forecast and more like an actual plan. People were starting to believe it—which, in retrospect, was the tell.