Key TakeawaysUnlike in 2022, today’s higher rates are more tied to resilient growth than an intensifying inflation shock.Growth has remained robust despite higher rates and elevated energy prices, helping explain why long-term yields have moved higher.Higher starting yields create more optionality for success in fixed income, supporting a diversified approach rather than positioning for a single rate scenario.

Many investors may be less diversified than they think because AI exposure can show up across multiple asset classes, not just technology stocks.

Highlights from the week of October 16 – October 22, 2026.

The midterms may move markets on headlines. Active investors can find opportunity where political perception diverges from company fundamentals.

Election noise can distort market signals. Jim Lydotes looks beyond the headlines at consumers, AI infrastructure, and defense demand.

​​Recent liquidity events related to portfolio companies in which PIF invests through its private equity holdings​.

Success in small caps increasingly depends on position sizing, as concentrated winners amplify the cost of underexposure.

Stable value funds play a critical role in DC plans, historically providing principal preservation, consistent positive returns, liquidity for benefit payments, and financial confidence for participants.

A home run may grab attention. But for bond investors, the better test is how consistently a manager adds value without taking unnecessary risk.

Rising yields can hurt bond prices now, but they may improve future income. See why your timeline matters.