IN THIS ISSUE

• Macro Strategy — Emerging Markets (EM): Surveying the Landscape in EM Equities: Higher prices for precious metals and growth in Artificial Intelligence infrastructure investment have been major market drivers and are likely to remain key themes into 2026.
  
  
• Market View — How “Affordability" Could Affect the Financial Markets in 2026: The burdens of affordability represent not only a potential headwind to the U.S. economic outlook but also hot button social and political issues in an election year.
  
  
• Thought of the Week — Putting the “Power" in the U.S.-China Great Power Rivalry: The U.S. remains a leader in advanced Artificial Intelligence chip technology, but its electricity infrastructure lags significantly, creating both challenges and potential investment opportunities in grid modernization, electrical equipment, natural gas, and commodities as power becomes a central economic and market theme in 2026.​