2026 State of the Markets Macro Economic Check-In
This was a wide-ranging discussion focusing on the macro and microeconomic environment and outlook for the new year. This webinar featured Jack Brennan, CIS Founding Chair and Chairman Emeritus of The Vanguard Group, and Joseph Davis, Vanguard’s Global Chief Economist and Global Head of the Investment Strategy Group, as they discuss the current state of the capital markets and share high-level perspectives relevant to institutional investment themes.
00:00 – Welcome and introductions, opening prayer
04:30 – Inflation, immigration, AI, and tariffs overview
09:36 – Inflation targets and long-term planning
12:52 – Interest rates: Fed vs. 10-year yields
16:05 – Immigration, labor markets, and productivity
23:35 – AI investment: bubble vs. long-term opportunity
30:18 – Global markets, dollar strength, and non-US investing
34:31 – Index concentration and passive investing risks
39:45 – Private equity: diversification and manager selection
43:46 – Private credit: risks and return potential
47:14 – China and international market exposure
50:51 – Portfolio allocation for institutions and retirees
54:03 – Politics vs. policy in investment decisions
55:38 – Thank you and closing
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