America’s Two-Speed Economy

As the Iran war drags on, energy inflation remains high and central banks have begun to respond with rate hikes. The steady increase in longer-term interest rates has entered a new phase characterized by multi-year highs in volatility and increasing stress around the edges of the global fixed income market. The Treasury Department has abandoned traditional norms in favor of an activist debt management framework. Throughout all the chaos, AI infrastructure investment continues to propel the U.S. economy to robust growth and American equities to new highs.