Business Investment
June 03, 2026
Private Credit: Risks and Realities
Private credit has come under scrutiny in recent months. A series of high-profile bankruptcies and loan-write downs, concerns around exposures to sectors such as software, and rising redemption pressure in retail-facing vehicles have raised questions about the resilience of the asset class. Previously steady inflows and stable valuations are now giving way to signs of strain, including steep sell-offs in publicly listed funds and elevated redemptions in non-traded funds.
May 05, 2026
U.S. Small Businesses Adapt to Shifting Economic Tides
Last year brought a host of changes and disruptions for the U.S. economy, impacting businesses both large and small. Uncertainty is expected to persist this year, especially regarding international trade and, more recently, the sharp run-up in energy prices. The spike in energy prices is the latest curveball for the U.S. businesses, which dented confidence in March.
March 12, 2026
2026 U.S. Business Investment Outlook: Larger than AI
Despite big shifts in trade policy, U.S. business investment was remarkably strong in 2025 – expanding by nearly 6% on a Q4/Q4 basis. However, nearly three-quarters of that growth was driven by investments in AI, while most other areas of investment were weak. Sizeable 2026 capex commitments by the hyperscalers suggest AI will remain a meaningful driver of investment growth.
April 02, 2025
U.S. Liberation Day Binds The World To High Tariffs
The U.S. administration announced broad reciprocal tariffs today, targeting all trading partners, and not just the countries that run large trade surpluses with the U.S. The tariffs will be implemented under the International Emergency Economic Powers Act (IEEPA) of 1977.
January 06, 2025
Climate Policy in a 2nd Trump Term – What’s on the Chopping Block?
Climate policy is set to take a major U-turn under Donald Trump’s second term. The president-elect will likely prioritize rolling back regulatory powers and direct spending that expanded significantly under President Biden.
September 13, 2024
U.S. 2024 Election: Economic and Financial Implications
Elections matter for the economy, but financial markets are likely to be particularly attuned to the current election cycle given America’s unsustainable fiscal trajectory. The make-up of Congress will determine how much of the future President’s agenda can be implemented. A divided Congress will likely force the next President to make significant concessions relative to their current platform proposals.
