Commentary
We provide insights on key macroeconomic trends — monetary policy, labor trends and interest rate trends — that inform our investment process.
The US economy remains impressively resilient
July 31, 2026
Despite a series of challenging policy-driven economic headwinds, highlighted by an immigration crackdown, higher tariffs and a war with Iran that has boosted oil prices and threatened global supply chains, the US economy remains impressively resilient.
Recent commentary
The US economy remains surprisingly resilient
As we enter the second half of 2026, the US economy remains surprisingly resilient despite major geopolitical uncertainties and inflation risks.
The US economic expansion rolls on
Underpinned by a solid job market, favorable financial conditions and robust profits, the US economic expansion rolls on.
Recent economic data show the US economy remains resilient
Recent economic data show the US economy remains resilient
The longest government shutdown in history leads to weaker-than-expected economic expansion
Government shutdown leads to weaker-than-expected economic expansion.
We continue to expect the above-trend GDP growth the US economy showed in the second half of 2025 to persist in the coming months
We continue to expect the above-trend GDP growth the US economy showed in the second half of 2025 to persist in the coming months.
Despite only modest job growth in 2025, the US economy has remained notably resilient
The US economy has remained notably resilient.
