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

Highlights from the week of July 24 – July 30, 2026.

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

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.

Markets are being tested on several fronts at once. But the important question is how these shocks travel—through inflation, monetary policy, funding conditions, or issuer fundamentals. That’s where resilience begins to diverge.