February 2026 Global Markets Commentary Brent Joyce, CFA, Chief Investment Strategist January 2026 or 2025 Redux “Letting the days go by.... same as it ever was, same as it ever was.” – “Once In A Lifetime,” 1981, Talking Heads
January’s theme could be “same as it ever was,” the chorus of “Once In A Lifetime,” the platinum hit by the new-wave band Talking Heads. We generally equate January with a fresh start, but instead the major themes from 2025 carried forward. Unfortunately, the dour headlines persisted, but so did the positive results for stocks and bonds supported by a host of positives that underpin the global economy. Capital markets are also continuing to send important feedback that functions as a guardrail to world leaders’ decision-making.
The party was interrupted mid-month and on the last trading day. A fright from the Japanese government bond market, President Donald Trump’s Greenlandic overtures (intensified then modified), and his nomination for the next Federal Reserve chair impacted the markets.
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