Our 2026 outlook shows fixed income continuing to benefit from elevated rates, while equities still face a narrowing edge over risk-free investments.

At the end of 2025, Liz Ann Sonders and Kathy Jones assess the resiliency of the economy.

Understand how a recession is defined and how to avoid common investment mistakes during recession-driven stock market downturns.

As we approach 2026, what can investors expect from the equities market, fixed income, and the overall US economy in the new year?

Investors are navigating not just uncertainty, but an unstable environment influenced by tariffs and inflation, among other factors. While volatility may increase, there is likely room for another solid year in 2026, especially for fixed income and international stocks.

International stocks could be poised for another strong year in 2026 due to accelerating global growth, attractive valuations and the potential for dollar weakness.

We believe the macro environment will continue to be unstable given policy crosscurrents and a wobbly labor market, but stocks can likely churn higher given a firmer earnings backdrop.

Liz Ann Sonders and Kathy Jones review the Federal Reserve’s latest dilemma and the complexity of policy setting in this environment.

We believe municipal bonds will continue to offer attractive tax-adjusted yields in 2026, while credit quality should remain stable.