U.S. yields continue to rise; Fed officials will spread the hawkish message that emerged from this week’s FOMC; preliminary S&P Global September PMI readings will be the data highlight; weekly jobless claims are worth discussing; Canada reports July retail sales; Chile central bank releases its minutes; ECB Chief Economist Lane is clearly part of the peak camp; preliminary eurozone September PMI readings were mixed; BOE delivered a dovish hold; preliminary U.K. September PMI readings came in soft; U.K. reported August retail sales; BOJ meeting ended with a dovish hold; August national CPI was reported ahead of the decision; preliminary Japan September PMI readings came in soft; preliminary Australia September PMI readings came in firm; New Zealand reported August trade data

U.S. yields are on the rise after the FOMC decision; the two-day FOMC meeting ended with a hawkish hold, as expected; Powell stayed on message at the press conference; weekly jobless claims will be of interest; Brazil cut rates 50 bp to 12.75%, as expected; BOE meeting ends with a decision shortly; some ECB hawks remain vocal; SNB unexpectedly kept rates steady at 1.75%; Norway and Sweden hiked rates 25 bp, as expected; SARB is expected to keep rates steady at 8.25%; Turkey is expected to hike rates 500 bp to 30.0%; Japan Prime Minister Kishida will unveil a series of economic support measures early next week; BOJ meeting started today ends with a decision tomorrow; New Zealand reported firm Q2 GDP data; Taiwan, Indonesia, and Philippines all kept rates steady, as expected

The Fed is expected to deliver a hawkish hold; the Dot Plots will be very interesting; Canada August CPI data offer a cautionary tale for central banks; BOC releases the summary of its deliberations; Brazil COPOM is expected to cut rates 50 bp to 12.75%; U.K. reported soft August inflation data; the data lowered BOE expectations for tomorrow; yen jawboning has picked up; Japan reported August trade data; New Zealand reported Q2 current account data; China banks kept their LPRs steady, as expected; Taiwan reported soft August export orders

The auto strike may widen; the two-day FOMC meeting starts today and ends with a decision tomorrow afternoon; housing data will hold some interest; Canada reports August CPI; the discussion at the ECB has clearly shifted from how high to how long; reports suggest the ECB wants to start discussing ways to unwind its bond-buying programs as well as raising reserve requirements; headline August eurozone inflation was revised down a tick to 5.2% y/y; RBA released its minutes; capital outflows from China accelerated

As emerging technology levels the competitive playing field, the right blend of AI and human intelligence will help firms achieve effective innovation.

U.S. yields are on the rise ahead of the FOMC meeting; recent data have been mixed enough for the Fed to skip this week; as of this writing, the auto strike continues; there will only be minor data reported today; we think the discussion at the ECB has now shifted from how high to how long; some ECB officials clearly believe rates have peaked; Czech National Bank Governor Michl is pushing back against rate cut bets; this crystalizes the dilemma that many central banks face; Singapore reported weak August trade data

We break down the latest updates on the T+1 Settlement transition and provide insights from our conversations with clients, industry groups, consultants, and peers.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Strike action by the UAW began after the midnight deadline passed last night without a deal; it's way too early to try and estimated the potential economic costs of the strikes; retail sales remain firm; regional Fed manufacturing surveys for September will start rolling out; University of Michigan reports preliminary September consumer sentiment; Peru cut rates 25 bp to 7.5%, as expected; ECB delivered a dovish message; Madame Lagarde stayed on message; GC member Muller said further rate hikes are unlikely; we expect a similar message from the BOE next week; reports suggest BOJ officials are concerned with how markets took Governor Ueda’s recent comments; New Zealand’s National Party pledged to follow through with its tax cut pledge if it wins the election; PBOC cut reserve requirements by 25 bp to 10.5%; China also reported firm August IP, retail sales, fixed asset investment, and property investment data

August retail sales data will be the highlight; August PPI data will also be reported; U.S. financial conditions continue to loosen; Peru is expected to cut rates 25 bp to 7.5%; the ECB decision is due out shortly and markets are split; as always, Madame Lagarde’s press conference will be key; Sweden reported soft August CPI data; Japan reported weak July core machine orders; Australia reported strong August jobs data

A deep dive into the downstream impacts of T+1 on the ETF ecosystem and how participants should be preparing to support primary market activity.

Relationship Manager Elizabeth Madden reviews some of the benefits included in employee health insurance plans that go beyond your typical retirement and insurance elections.

In our fall Next Gen Spotlight, BBH Relationship Manager Scott Hooper speaks with DaQuan Jones of the Buffalo Bills about physical and mental wellness and how he manages both as a defensive lineman in the NFL.

Relationship Associate Brooke Royer and Associate Maddy Pellow explore five ways you can increase your productivity, prevent burnout, and promote wellness at work.

Relationship Associate Scott Danforth takes a closer look at the skill sets student athletes bring with them to the workforce and how playing a college sport may translate to success in post-graduate careers.

Senior Relationship Associates Sean Kennedy and Lucy Townend discuss the key differences between HSA and FSA plans so you can best plan for the future.

August CPI data will be the highlight; Fed tightening expectations hinge crucially on today’s CPI readings; U.S. financial conditions continue to loosen; House Speaker McCarthy has started impeachment proceedings against President Biden; reports emerged late yesterday that the ECB sees inflation remaining above 3% next year; eurozone reported soft July IP; U.K. reported soft July data; incoming BOE Deputy Governor Breeden sounded cautious; Poland policymakers are finally pushing back against zloty weakness; Hungary central bank minutes will be released; Japan Prime Minister Kishida shuffled his cabinet; Japan reported firm Q3 BSI business conditions survey; New Zealand’s Labour Party is seeing its popularity fall ahead of October 14 elections

It’s the calm before the storm; recent data suggest a pause by the Fed is likely next week; Brazil reports August IPCA inflation; Italian officials continue to jawbone the ECB; Germany reported a mixed September ZEW survey; U.K. reported soft labor market data; New Zealand is facing wider than expected budget deficits; RBNZ is likely done hiking rates

Relationship Manager Laura Salibello and Analyst Maddy Pellow define the basic principles of investing and share how parents can incorporate them into preliminary conversations when teaching kids about investing.

The dollar rally has been interrupted by developments out of Asia; recent data suggest a pause is warranted by the Fed next week; U.S. financial conditions continue to loosen; the EC cut its outlook for eurozone growth; the new forecasts come ahead of the ECB meeting Thursday; Italy reported weak July IP; Norway reported soft August CPI; Czech Republic reported August CPI; the yen gained today after comments from BOJ Governor Ueda; Japan reported weak August machine tool orders; the yuan gained today after comments from the PBOC; China reported August money and loan data

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Keeping innovation and entrepreneurship front of mind is key to both maintaining and growing the family business as it moves into the future and, eventually, into a new generation's hands. Executive Director of the BBH Center for Family Business Ben Persofsky discusses how business owners can shift their mindset toward innovation in order to sustain entrepreneurship for generations.

BBH Partner Kathryn George, Head of the Center for Family Business Ben Persofsky, and Senior Wealth Planner Ali Hutchinson explore the various roles of a family business’s board of directors in succession planning.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Markets continue to lean dovish in terms of Fed expectations; the jobs report will be the highlight; ISM manufacturing PMI will also be reported; July PCE readings are worth discussing; Canada highlight is Q2 GDP data; the account of the July 21 ECB meeting was incredibly dovish; final eurozone and U.K. August manufacturing PMIs were reported; U.K. reported August nationwide house prices; Switzerland reported August CPI; Japan reported soft Q2 capital spending and final August manufacturing PMI; Caixin reported firm August manufacturing PMI; China announced more steps to support the currency and the economy

Portfolio Manager, Nicholas Haffenreffer provides the most recent quarter-end results of the US Large Cap Equity Strategy.

We are at the point where the market is overreacting to every data point; Fed tightening expectations took a hit from the weak U.S. data; July PCE readings will be very important; Chicago PMI will also be closely watched; eurozone August CPI data came in hot; yet ECB tightening expectations remain subdued; ECB publishes the account of its July 21 meeting; Germany reported weak data; Japan reported mixed July retail sales, IP, and housing starts; BOJ board member Toyoaki Nakamura urged caution; New Zealand opposition National Party pledged to remove the RBNZ’s dual mandate if it wins the October election; China reported official August PMIs

U.S. yields and the dollar fell sharply after the JOLTS data; we get another look at the labor market when ADP reports its private sector jobs estimate; we get another revision to Q2 GDP; Banco de Mexico releases its quarterly inflation report; eurozone August CPI data started rolling out; ECB tightening expectations have picked up a bit; National Bank of Poland releases its minutes; Japan’s ruling LDP called for the extension of gasoline subsidies through year-end; BOJ board member Naoki Tamura sees the bank meeting its inflation target next year; Australia reported soft July CPI data; RBNZ reported that it sold nearly NZD4 bln ($2.4 bln) in July

We review why a charitable mission is important and provide guidance on how to approach crafting a mission statement that enables you to take philanthropy beyond just “being charitable” or “giving back.”

Fed tightening expectations continue to adjust; August Conference Board consumer confidence will be reported; Chile central bank showed little concern about the weak peso; Germany reported soft September GfK consumer confidence; U.K. food prices continue to fall; Sweden reported Q2 GDP data; National Bank of Hungary meets; Japan reported soft July labor market data; incoming RBA Governor Bullock sounded hawkish; reports suggest China’s largest state-owned banks are considering another cut to deposit rates

Markets are still digesting Fed Chair Powell’s Jackson Hole remarks; Fed speakers this week should relay a similar message; Dallas Fed manufacturing index for August will be the only U.S. data today; ECB hawks are getting more vocal; eurozone reported very weak July M3 data; Australia reported July retail sales; New Zealand has been forced to tighten fiscal policy

John Secor and Kyle Gordon discuss a key issue faced by family businesses: the difficulty of managing capital and liquidity demands. They zero in on a critical factor of finding the right balance – patient capital – and provide advice on how family businesses can achieve this important objective.

Senior Wealth Planners Karin Prangley and Anne Warren cover an important topic for private business owners: creating a family constitution to enable seamless business and wealth transitions.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

All eyes are on Fed Chair Powell’s opening remarks at Jackson Hole; Bullard gave us some insight into the Fed’s current dilemma; July CFNAI and weekly jobless claims are worth discussing; Brazil reports mid-August IPCA inflation; Germany reported weak August IFO business climate survey; ECB officials are split; U.K. August GfK consumer confidence was reported; Japan reported soft August Tokyo CPI; China announced more measures to support the property sector

All eyes are on the Kansas City Fed’s Jackson Hole Symposium; U.S. financial conditions remain too loose; July Chicago Fed National Activity Index will be key; weekly jobless claims will be reported; Mexico reports mid-August CPI; U.K. CBI reported a very weak August distributive trades survey; BOE tightening expectations have ebbed; Turkey is expected to hike rates 250 bp to 20.0%; RBA staff have rejected the proposed pay increase that unions called inadequate; Korea kept rates steady at 3.5%, as expected; Indonesia kept rates steady at 5.75%, as expected

The Fed’s annual Jackson Hole Symposium begins tomorrow. While some may be looking any hints on policy, we do not think any decisions will be made until the actual September 19-20 FOMC meeting given the Fed’s data-dependency mode. However, we expect Chair Powell and his colleagues to continue stressing their commitment to meeting the 2% inflation target. As such, a hawkish tone should emerge from the symposium.

The U.S. economy remains the last man standing; key August PMI readings will be reported; all eyes are on the Kansas City Fed’s Jackson Hole Symposium; financial conditions remain too loose; Canada highlight will be June retail sales data; eurozone and the U.K. reported very weak preliminary August PMIs; ECB and BOE tightening expectations have fallen back a bit; Poland central bank minutes will be published; Japan Prime Minister Kishida is looking into new relief measures for higher energy prices; Japan reported firm preliminary August PMIs; Australia reported soft preliminary August PMIs; New Zealand reported soft Q2 real retail sales

BBH’s Amy Morris explains how the transfer agent’s AML/Sanctions program can help the fund and asset manager mitigate risks effectively while providing a best-in-class experience for their investors.

U.S. yields are still rising; all eyes are on the Kansas City Fed’s Jackson Hole Symposium this week; regional Fed August surveys will continue to roll out; housing data will be of interest as mortgage rates continue to rise; France reported weak July retail sales; U.K. CBI reported mixed August industrial trends survey; China continues to lean against the weak yuan; Thailand finally has a new Prime Minister

U.S. yields are rising again; yet U.S. financial conditions remain loose; Italy will reportedly nominate former Finance Minister Daniele Franco as its candidate for the ECB’s Executive Board; Japan announced that it will raise the minimum hourly wage; New Zealand reported weak July trade data; China banks set their Loan Prime Rates higher than expected; Taiwan reported July export orders and Q2 current account data

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Recent data out of the U.S. suggest that a September skip is very likely; weekly jobless claims were solid; ECB will reportedly send a complaint to the Italian government regarding the planned windfall tax on banks; U.K. reported weak July retail sales; Japan reported July national CPI; RBNZ Deputy Governor Silk sounded hawkish; reports suggest China is mulling measures to boost equity market sentiment; Taiwan cut its forecasts for growth and exports this year

Summertime usually feels a bit quiet in NYC. It’s easier to get a seat on the train, the lines at the deli counter are shorter, and sometimes the pigeons outnumber the people. However, since the pandemic, this quiet summertime feeling has stuck year-round in some cities across the U.S., creating a range of potential implications for municipal credit, particularly for the debt of cities and their mass transit systems.

Let’s look at the rapid growth of the ETF market and debunk the five most common misconceptions holding asset managers back.

U.S. yields are making new highs; FOMC minutes are worth discussing; U.S. financial conditions continue to loosen; regional Fed surveys for August will continue rolling out; weekly jobless claims will be important; noted ECB hawk Kazaks sounded dovish; U.K reports August GfK consumer confidence; Norges Bank hiked rates 25 bp to 4.0%, as expected; Japan reported soft July trade data; Australia reported soft July jobs data; RBNZ Governor Orr said a mild recession is needed to get inflation back to target; troubled private wealth manager Zhongzhi is reportedly planning to restructure its debt; reports suggest policymakers asked state banks to escalate FX intervention to support the yuan; Philippines kept rates steady at 6.25%, as expected

July retail sales were strong; recent softish inflation data support a September skip but the strong real sector data complicates things; FOMC minutes will be very important; Canada reported mixed July CPI data; eurozone reported revised Q2 GDP data and June IP; U.K. reported July CPI data; Eastern European economies continues to struggle; RBNZ kept rates steady at 5.5%, as expected; Fitch said it may reconsider China’s A+ sovereign credit rating; private wealth manager Zhongrong reportedly missed payments on dozens of its financial products

In this issue of Owner to Owner, we speak with Murray Nossel, co-founder of Narativ, on the value of creating a legacy story, review the potential effects of the Inflation Reduction Act on private business owners, and outline how to establish a dividend policy for the family business.

Michael Conti, Jeff Miller, Neriah Ray-Saunders, and Christine Hourihan provide an overview of the business environment on three fronts: the overall economy, the credit markets, and the private equity and mergers and acquisitions markets.

In this issue’s feature interview, we speak with Narativ Co-Founder Murray Nossel about his passion for storytelling, why it’s so important that people – especially business owners – record their stories, and how they can negotiate their legacies.

Lewis Hart, our head of corporate banking, reviews the potential effects of the Inflation Reduction Act tax credits and more on private business owners.

John Secor, Kyle Gordon, and Carson Christus of our Corporate Advisory team outline five options for family business owners that are committed to formalizing a dividend policy.

U.S. yields are making new highs; July retail sales will be the data highlight; regional Fed surveys for August will start rolling out; Canada highlight will be July CPI data; Chile central bank minutes suggest some flexibility ahead; Germany reported a mixed August ZEW survey; U.K. reported mixed labor market data; BOE tightening expectations have picked up; Sweden reported July CPI; Japan reported firm Q2 GDP data; RBA released its minutes; PBOC unexpectedly its key 1-year MLF rate 15 bp to 2.50%; China data came in weaker than expected

The dollar and U.S. yields continue to rise; recent data out of the U.S. suggest that a September skip seems more and more likely; Chile central bank releases its minutes; market expectations for ECB policy remain subdued; the yen continues to weaken; concerns about China’s financial system are mounting; India reports July CPI

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

July PPI data will be the highlight; University of Michigan reports preliminary August consumer sentiment; U.S. Treasury completed its quarterly refunding on a softish note; Brazil reports July IPCA inflation; the monthly U.K. data dump came in firm; Q2 GDP also came in firm; Czech National Bank minutes suggest no rate cut next month; the yen continues to weaken; RBA Governor Lowe emphasized that the bank is in data-dependent mode; China reported very weak July money supply and new loan data

Financial conditions are as loose as they were in March 2022; July CPI data will be the highlight; U.S. Treasury concludes its quarterly refunding; Mexico is expected to keep rates steady at 11.25%; Peru is expected to keep rates steady at 7.75%; the number of UK buy-to-let mortgages falling into arrears rose nearly 30% in Q2; Norway reported soft July CPI; Japan reported July PPI; strikes at three major LNG facilities in Australia could impact nearly 10% of global exports; India kept rates steady at 6.5%, as expected

The Fed doves remain vocal; the U.S. economy remains robust; U.S. Treasury began its quarterly refunding; Mexico reports July CPI; Brazil central bank minutes suggest it will continue to cut rates in 50 bp clips; Italy backtracked a bit on its controversial windfall tax on banks; while the news is welcome, one can’t help but get the sense that the plan was neither well-coordinated nor well thought out; major U.K. think-tank issued some very bearish forecasts; Japan reported weak July machine tool orders; China reported soft July CPI and PPI data

The hawks and the doves on the FOMC continue to battle it out in public; U.S. Treasury begins its quarterly refunding; Brazil central bank minutes will be released; Italy announced a surprise windfall tax on bank profits as part of a larger package of fiscal measures; eurozone inflation expectations continue to fall; market expectations for ECB policy remain subdued; Japan reported weak June cash earnings and household spending; June current account data were also reported; China reported weak July trade data; Taiwan reported firmer July trade data

The divide between the Fed hawks and doves is widening; it’s clear why the doves are getting a bit cocky; U.S. Treasury yields continue to rise at the long end; Germany reported weak June IP; market expectations for ECB policy remain subdued; BOJ released its summary of opinion for the July meeting; Japan civil servants may get the biggest pay raise in over 25 years

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

U.S. yields remain elevated at the long end of the curve; the July jobs report will be the highlight; July ISM services PMI was on the soft side; Canada highlight will also be July jobs data; BOE hiked rates 25 bp to 5.25%, as expected; Bailey’s press conference was inconsistent; Germany reported strong June factory orders; eurozone reported soft June retail sales; France, Spain, and Italy all reported June IP; Japan’s GPIF posted a whopping 9.5% return in Q2; RBA released its Statement on Monetary Policy that contained new macro forecasts

The EU Commission’s Retail Investment Strategy is a behemoth set of policy revisions to revise and revamp EU regulated investment funds. However, one specific proposal has attracted vast industry commentary.

With 35,000 funds and €12 trillion of assets in scope , any substantive changes to the UCITS framework are usually worthy of asset managers’ attention, writes Adrian Whelan

In this issue of Women & Wealth Magazine, we speak with a group of women driving change in the healthcare space, explore the complexity of teaching the value of digital currency to children, provide three strategies for maximizing time, and learn more about the current state of motherhood in the U.S.

In the feature article of this issue of Women & Wealth Magazine, we sit down with three innovators in women’s health – Dr. Connie Lehman of Clairity; Heather Monroe, LCSW, of Monroe Wellness; and Dr. Katherine Saunders of Intellihealth – to discuss how they are working to change paradigms in their areas of expertise, why preventative medicine is so important, and how the industry is shifting toward more personalized methods of treatment.

BBH Senior Wealth Planner Ross Bruch provides three time management strategies in order to maximize your time affluence.

In Five Questions, we sit down with Jill Koziol, co-founder and CEO of Motherly, to discuss why she started the platform, the results of Motherly’s latest annual State of Motherhood survey, and where she sees the company and herself in the next five years.

Fitch downgraded its sovereign rating for the US to AA+; the U.S. economy remains firm; ADP report will be the highlight; June JOLTS job openings suggest some cooling in the labor market; Brazil is expected to cut rates 25 bp to 13.5%; BOE appointed Sarah Breeden as Deputy Governor for financial stability; the news comes ahead of the BOE decision tomorrow; BOJ released minutes of its June 15-16 meeting; if the minutes had been released a week earlier, the markets would not have been caught off guard by the surprise tweak; New Zealand reported soft Q2 labor market data; CALSTRS reported that China has fallen out of its top twelve country holdings; Thailand hiked rates 25 bp to 2.25%, as expected

Credit conditions continue to tighten; yet the U.S. economy remains firm; ISM manufacturing PMI will be the highlight; we get quite a few labor market indicators ahead of the jobs report Friday; final eurozone manufacturing PMIs were reported; market expectations for ECB policy remain subdued; biggest U.K. teaching unions voted to accept the government’s proposed pay deal; Japan reported June labor market data and final July manufacturing PMI; RBA kept rates steady at 4.10%; Australia also reported soft data; Caixin reported weak manufacturing PMI; Korea reported soft July trade data

Portfolio Manager, Nicholas Haffenreffer, discusses how the U.S. Large Cap Equity portfolio companies performed over the most recent month-end.

The Fed outlook remains data-dependent and we get a lot of key data this week; the U.S. economy remains firm; Chicago PMI will be today’s highlight; Chile reports June IP and retail sales; Colombia is expected to keep rates steady at 13.25%; eurozone reported July CPI and Q2 GDP; Germany reported weak June retail sales; U.K. reported June consumer credit; BOJ held an unscheduled bond-buying operation; Japan reported mixed real sector data; Australia reported soft June private sector credit; China reported soft official July PMIs

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

The surprise BOF YCC tweak has been more of a whimper than a bang so far; despite the BOJ surprise, we believe the divergence theme remains in full force; June core PCE will be very important; advance Q2 GDP data came in strong; Chile is expected to cut rates 75 bp to 10.5%; ECB meeting ended with the expected 25 bp hike; the real fireworks came during Lagarde’s press conference; ECB policymakers are split about what September may bring; eurozone July CPI and Q2 GDP data have started rolling out; BOJ meeting ended with unexpected tweak to YCC; Governor Ueda has lost all credibility as the BOJ remains an outlier in many different ways; July Tokyo CPI was reported ahead of the BOJ decision; Australia reported soft Q2 PPI and June retail sales data

Two-day FOMC meeting ended with an expected 25 bp hike, as expected; Powell stayed on message during the press conference.; advance Q2 GDP data will be reported; housing sector data will remain in focus; BOC released the summary of its deliberations; two-day ECB meeting ends shortly with an expected 25 bp hike; ahead of the decision, there were some data releases from eurozone countries; U.K. CBI released the results of its July distributive trades survey; Turkey central bank released its quarterly inflation report; two-day BOJ meeting started today and ends tomorrow with an expected hold; while the BOJ always has the capacity to surprise markets, we do not think Governor Ueda will risk losing his credibility now

The two-day FOMC meeting ends with an expected 25 bp hike; the dollar tends to weaken on FOMC decision days; housing sector data will remain in focus; consumer confidence remains high; BOC releases the summary of its deliberations; eurozone M3 data came in soft for June; the two-day ECB meeting ends tomorrow with an expected 25 bp hike; junior doctors in the U.K. will strike for four days next month; BOE tightening expectations remain subdued; markets are getting a bit more concerned about a surprise from the BOJ; Australia reported soft June and Q2 CPI data; China appointed Pan Gongsheng as the new PBOC Governor

BBH Private Banking Co-Chief Investment Officers Suzanne Brenner and Justin Reed examine generative AI and our portfolios’ exposure to this rapidly developing technology.

In the feature article of this issue of InvestorView, BBH Co-Chief Investment Officer Justin Reed and Head of Investment Research Ilene Spitzer cover the “10 Ps” that are core to our manager selection process.

BBH Partners and Co-Chief Investment Officers Suzanne Brenner and Justin Reed and Chief Investment Strategist Scott Clemons recently discussed the current economic environment, market volatility, and positioning for the future. Here, we review key takeaways from the conversation.

In this issue of InvestorView, we cover our “10 Ps” of investment manager evaluation, review the current state of the markets, discuss our approach to investing in private markets, examine the rise of generative AI, and look at results from our 2023 Private Business Owner Survey.

The two-day FOMC meeting begins today and ends tomorrow with an expected 25 bp hike; regional Fed surveys will continue rolling out; yesterday’s data are worth discussing; Conference Board reports July consumer confidence; Brazil reports mid-July IPCA inflation; ECB Bank Lending Survey showed demand plunged in Q2; ECB tightening expectations have fallen ahead of the Thursday decision; Germany reported soft July IFO business climate readings; U.K. CBI released the results of its July industrial trends survey; Israel’s Knesset passed the first part of the controversial judicial reforms; Hungary is expected to keep the base rate steady at 13.0%; Japan Cabinet Office released its longer-term macro forecasts; Korea reported Q2 GDP data; Indonesia kept rates steady at 5.75%, as expected; CNY is outperforming on rising optimism regarding stimulus in China

BBH Principal Adrienne Penta looks at insights gathered from our inaugural Private Business Owner Survey, focusing in on the attitudes of private business owners toward economic uncertainty and investing.

Amid market volatility and greater divergence in capital markets, securities lending revenues will be granular and targeted to a concentrated set of opportunities, writes Rob Lees.

The relative story continues to favor the dollar; S&P Global preliminary PMIs will be the highlight; Chicago Fed National Activity Index for June will be important; Mexico reports mid-July CPI; eurozone and U.K. reported soft preliminary July PMIs; ECB and BOE tightening expectations have fallen; Spain is looking at a hung Parliament after weekend elections; Bank of Israel releases its minutes; reports suggest the BOJ will raise its FY23 core inflation forecast to 2.5% vs. 1.8% currently; Japan reported preliminary July PMIs and June department store sales; Australia reported weak preliminary July PMIs; China policymakers pledged to support the nation’s property sector

In this piece, we discuss the expected easing paths for the major EM countries. We believe market pricing in many instances is way too aggressive.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

The narrative has shifted back in the dollar’s favor, at least for now; next week will see key FOMC, ECB, and BOJ meetings that should underscore this; weekly jobless claims suggest the labor market remains robust; Canada highlight will be May retail sales data; the Tories did slightly better than expected in U.K. by-elections yesterday; U.K. reported firm June retail sales data; South Africa and Turkey both delivered dovish surprises yesterday; reports suggest that the BOJ sees no need to tweak YCC next week; Japan reported mixed June national CPI data; another day, another stimulus announcement out of China

The narrative has shifted back in the dollar’s favor, at least for now; the U.S. economy is growing faster than its major trading partners; regional Fed surveys for July continue rolling out; housing data and weekly jobless claims will be closely watched; Q1 eurozone GDP was revised up slightly; U.K. by-elections are being held today; BOE MPC member Ramsden sounded hawkish; South Africa is expected to hike rates 25 bp to 8.5%; Turkey is expected to hike rates 350 bp to 18.5%; Japan reported soft June trade data; Australia reported firm June jobs data; China’s commercial banks kept their key 1- and 5-year LPRs steady; PBOC stepped up its support of the yuan; Taiwan reported weak June export orders

The relative view in FX that we highlighted yesterday appears to be taking hold; June retail sales data suggest the U.S. consumer remains active; housing data will get some attention; Canada June CPI data came in soft; final June eurozone core inflation was revised higher; U.K. reported soft June CPI data; South Africa reported soft June CPI data; BOJ Governor Ueda implied policy would remain steady for now; New Zealand reported Q2 CPI data

Amid sighs of relief that mandatory swing pricing and intermediary support of floating NAVs haven’t made the final cut, groans about the work to do to adhere to MMF rules can also be heard.

In FX, it’s all about the relative view; June retail sales will be the data highlight; regional Fed surveys for July started rolling out; Canada highlight will be June CPI data; ECB hawks have blinked; market research suggests U.K. food price inflation may have peaked; ECB and BOE tightening expectations have ebbed; RBA released its minutes; China released a plan to boost household consumption that was light on details

Markets are marking time ahead of June retail sales data tomorrow; Fed expectations actually haven’t changed that much; regional Fed surveys for July start rolling out; U.K. doctors announced more strike dates, rejecting the government’s latest offer of a 6% pay raise; BOE tightening expectations remain elevated; China reported soft Q2 GDP data as well as mixed June IP and retail sales; PBOC kept its key 1-year MLF rate steady at 2.65%, as expected

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

As access to private markets funds broadens, alternative asset managers must adapt to a new ecosystem where simplification and investor education about access routes are key. BBH’s Lata Vyas spoke on the topic at FundForum and shares further insights.

June inflation data this week have led to some big market moves; the FOMC will likely tilt more dovish with the departure of St. Louis Fed President James Bullard; preliminary July University of Michigan consumer sentiment will be the highlight; U.K. Prime Minister Sunak signed off on pay rises for public sector workers; Sweden reported June CPI; Israel reports June CPI; chatter is picking up of a potential tweak to YCC this month; other reports suggest only modest changes will be made to the inflation forecasts; Australia Treasurer Chalmers picked RBA Deputy Governor Michele Bullock to be the next Governor

In the second FX quarterly of the year, strategists examine how the major investment themes that held at the beginning of the year have been proven wrong.

June CPI data take center stage; the Fed releases its Beige Book report for the July 25-26 FOMC meeting; BOC is expected to hike rates 25 bp to 5.0%; Portugal is the latest eurozone country to complain about tight monetary policy; BOE released its financial stability report; Japan reported weak May core machine orders; RBNZ kept rates steady at 5.5%, as expected

Fed officials remain hawkish; the dollar remains vulnerable to selling pressure this week that carried over from last week; Brazil reports June IPCA inflation; Turkey agreed to support Sweden’s NATO bid ahead of this week’s summit; German reported a soft July ZEW survey; U.K. reported mixed labor market data; Japan reported weak June machine tool orders; recent yen strength is puzzling within the context of weaker Japan data. reports suggest China will provide additional relief to the property sector

Markets are still digesting last week’s jobs report; only minor data will be reported today; U.K. Chancellor Hunt will give his annual Mansion House speech; BOE tightening expectations remain elevated; Norway reported mixed June CPI data; Riksbank released minutes from its June 28 meeting; Israel is expected to keep rates steady at 4.75%; Japan reported May current account data; there’s a changing of the guard Down Under; China has a deflation problem

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

The data highlight will be the June jobs report; Fed tightening expectations continue to rise; the latest round of data support our view that the U.S. economy remains fairly robust; Canada highlight will also be June jobs data; BOC tightening expectations have picked up slightly ahead of next week’s meeting; Germany reported weak May IP; BOE tightening expectations remain elevated ahead of Mann’s speech; Hungary reported June CPI; Japan reported firm May cash earnings data; Taiwan reported weak June trade data

U.S. yields continue to rise as markets reprice Fed policy; FOMC minutes showed a rather large split; the data highlights will be ADP private sector jobs and June ISM services PMI; Banco de Mexico releases its minutes; eurozone reported soft May retail sales; Germany reported firm May factory orders; BOE tightening expectations continue to rise; Poland is expected to keep rates steady at 6.75%; Australia reported soft May trade data; Bank Negara kept rates steady at 3.0%, as expected

The markets finally believe the Fed; FOMC minutes will be important; we get only minor data today as ADP was delayed due to the holiday; Brazil’s central bank is tilting more dovish with two new appointments by Lula; the eurozone reported soft final June services and composite PMIs; individual eurozone countries also reported some key data; eurozone inflation expectations continue to fall; Turkey reported June CPI; Japan and Australia reported soft final June services and composite PMIs; RBA kept rates steady at 4.10%, as expected; Caixin also reported soft June services and composite PMIs

Strong U.S. data and hawkish Fed comments last week have led to significant repricing of Fed policy; U.S. rates have reacted accordingly; ISM manufacturing PMI will be the data highlight; rioting in France may be easing after nearly a week of violence; eurozone and U.K. reported final June manufacturing PMIs; Switzerland reported May CPI; BOJ released a strong Q2 Tankan report; Caixin reported solid June manufacturing PMI

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Fed tightening expectations continue to rise; U.S. yields have risen accordingly; June PCE data will be the data highlight; June Chicago PMI will be closely watched; Q1 GDP growth was revised up sharply; the labor market remains strong; Brazil will maintain its 3% inflation target but has turned it into a medium-term goal; Colombia is expected to keep rates steady at 13.25%; eurozone reported June CPI data; ECB tightening expectations remain steady; Germany reported June retail sales and unemployment; top U.K. energy wholesaler warned that consumers are likely to face elevated power bills for the foreseeable future; Japan reported soft June Tokyo CPI; Japan also reported May labor market data, IP, and housing starts; China reported soft official June PMI readings

Portfolio Manager, Nicholas Haffenreffer, discusses how the U.S. Large Cap Equity portfolio companies performed over the most recent quarter-end.