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Investor reaction to Meta’s GenAI is an admonition against overspending, rather than a sign of a fraying GenAI rally. Other hyperscalers’ investments are driven by buoyant demand and remain profitable. With valuations stretched and many of the positives priced in, market consolidation is likely. We are decreasing portfolio beta.

Markets are increasingly pricing an end to the global easing cycle, with many central banks expected to remain on hold. But uncertainty remains high, and policy surprises are likely going into 2026. This Strategy Report breaks down the current drivers behind G10 central bank policies, and how to position for the next moves across FX and fixed income.

Markets are increasingly pricing an end to the global easing cycle, with many central banks expected to remain on hold. But uncertainty remains high, and policy surprises are likely going into 2026. This Strategy Report breaks down the current drivers behind G10 central bank policies, and how to position for the next moves across FX and fixed income.

The Fed cut rates today, but a follow-up rate cut in December is uncertain. It will depend, in large part, on who wins a debate about the neutral rate of interest.