Last week's economic data releases were about as consistent as a social media thread about the economy...

Private equity (PE) buyout valuations have moved to unusually low levels relative to public equities. For secondaries investors, that gap may expand the number of opportunities where the acquisition price aligns with target returns.

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.

Highlights from the week of May 15 – May 21, 2026.

On Tuesday, the 20- and 30-year U.S. Treasury yields hit their highest levels since 2008.

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

Jim Lydotes flips the timer on 1) packaging companies’ pricing power, 2) consolidation in utilities, 3) Voya’s Grassroots Research on college recruitment in the AI era.

Markets last week: Powell handed Warsh the keys to the Fed, two inflation surprises, and a bond market in full tantrum mode. Welcome, Kevin.

Earlier this week, we received both CPI and PPI data, pointing to an economy still dealing with inflationary pressures. CPI came in slightly above expectations in April, while PPI surprised more meaningfully to the upside. Investors should closely monitor how these trends flow into PCE inflation data. Given the differences in how CPI and PCE weight certain categories, particularly software-related services, the AI boom could lead to a larger-than-normal divergence between the two inflation measures. Overall, this will be an important signal to watch going forward, as markets remain highly sensitive to inflation news.

U.S. stocks had a strong week, led by technology.