October 2026 Global Markets Commentary Brent Joyce, CFA, Chief Investment Strategist Script Flip "If you're not a little confused about what's going on, you don't understand it.” – Charlie Munger (1923-2023), businessman, investor and philanthropist
In the third quarter of 2026, several prevailing narratives – both positive and negative – moved farther and faster than expected. The script flipped (and back again, for some) on AI, central bank rate hikes, and where bond yields can go before upsetting the economic or equity-market apple cart.
The AI economy is powering ahead; one day that’s great, the next it’s doom. All new technologies feature this dichotomy. Central banks have turned hawkish and are now seen as potential spoilers. Such shifts typically provoke a broad market reaction. However, this time the bond market went wild while most other assets remained remarkably calm.
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