Highlights from the week of November 14 – November 20, 2025.

Credit spreads have come off recent tights, but the uncertain macro backdrop continues to favor a selective, patient approach to adding risk.

Global growth slows under the weight of tariffs, but fiscal stimulus, AI-driven productivity, and corporate strength keep equities in the driver’s seat.

Voya’s investment leaders debate the Fed rate cycle, policy questions, and the widening effect of AI’s massive, global buildout.

After a volatile start to the year, we see opportunities as markets focus on President Trump’s deregulatory agenda, tech’s unrelenting rise, and Europe’s defense surge.

The economy’s impressive resilience has helped markets shake off fiscal and geopolitical uncertainties. But while it’s business as usual for some sectors, others are facing a panoply of new challenges, compounded by the accelerating AI revolution. Our experts take a look at how to play this complex new landscape.

Markets are holding steady despite mounting uncertainty, as investors, the Fed, and corporate America wait for clarity on fiscal policy and the direction of the economy.

The current market environment offers allocators the chance to capitalize on earnings quality and an innovation cycle in large cap equities, as well as attractive yields with manageable risk and some recession protection in investment grade credit.

Even as markets cheer easing trade tensions, the effects of tariff uncertainty may still show up in economic data—and bring renewed volatility with them.

U.S. economic growth is expected to slow this year, and the risk of a recession has certainly risen. While credit spreads have widened from historically tight levels, they are not flashing warning signs. Is this a buy-the-dip moment?