Commentary

2026 market outlook and positioning

Investment themes for 2026 prepared by the FI Capital Markets Strategy Group.

By: FI Capital Markets and Asset Class Specialist teams

Updated: 12/10/2025

Key Takeaways

The economy has shown signs of reacceleration, even as labor growth decelerates, and inflation remains sticky.
The Fed has re-embarked on its easing cycle and is focused on a “balance of risks” approach between labor and inflation.
Uncertainty of tariff policy remains, although fiscal (tax) stimulus and monetary easing have been a positive offset.
Bond yields offer investors a competitive risk-adjusted return.
Equity valuations remain similar vs. a year ago, while earnings growth has accelerated.

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CMSG 2026 Market outlook and positioning

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2026 market outlook and positioning

Investment themes for 2026 prepared by the FI Capital Markets Strategy Group.

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Investing in an era of persistent inflation

The implications for asset prices may depend on whether we see good or bad inflation.

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