Views and Analysis
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Apr 10, 2026
Journal Articles: regression test
Apr 2, 2026
Permanent Capital Meets Private Markets
Jan 21, 2026
The Economic Logic of Large Language Models
Apr 8, 2026
Working Papers - Meets Private Markets
We analyse the transformative impact of life insurance platform integration on the business models, financial profiles, and market valuations of prominent alternative asset managers (AAMs).
Apr 3, 2026
Test new working paper en
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Mar 12, 2026
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Our second annual State Street Markets outlook, Market signals and shifts: What to watch in 2026, examines the dominant forces shaping the year ahead through a lens that challenges consensus thinking.
Apr 9, 2026
What to watch test(04/09)
What to watch test
Apr 8, 2026
Starting to be felt
While February’s US retail sales report proved stronger than expected, it might be the last consensus beater for some time. This week saw average US gas prices rise above $4 for the first time since August 2022. Prior to the Covid reopening spike, we need to go back to 2008 to find the last time gas prices nationally breached $4. Prices have risen by $1.08 since the day before the Iran conflict started. It is estimated that a $1 rise raises household gasoline costs by $700-900 per year or, around ...
Apr 8, 2026
Chart of the week public (04/08)
Even prior to the jump in oil prices seen in recent days, our US PriceStats series was sending some slightly worrying messages. Rebasing the series to 100 at the start of the year we see that thus far in 2026, online price rises are running meaningfully above both the 10-yr median and the interquartile 10-yr range.
Apr 2026
Crude Awakening: Rate Markets In An Energy Crisis
Many of the consequences of the latest disruption to global energy supply have yet to surface. While oil has been the immediate focus, volatility across global interest rate curves is emerging as an equally consequential second-order effect. Markets are rapidly reassessing the scale and timing of inflation and growth shocks – and how central banks are likely to respond. Whether this period of upheaval deepens worries already evident in credit markets is a further concern. This week, Marvin Loh, ...
Mar 2026
Iran Macro Risks: A Fragile Equilibrium
As the conflict in the Middle East enters a third week, markets remain uneasy but resilient. Lessons absorbed during past geopolitical shocks have so far kept this a slow-burn test of positioning and risk tolerance, rather than a volatility event with a specific breaking point. This week, we speak with Lee Ferridge, Head of Macro Strategy for the Americas for State Street Markets as to whether this equilibrium can hold. He notes the most relevant variables of investor positioning and activity and ...
Mar 2026
Strait Signals: Assessing the Iran War Risk Premium
A wider Middle East war and the closure of the Strait of Hormuz, seen for years as extreme ‘what-if’ risks, are now realities. The ranges of macroeconomic and geopolitical outcomes are as vast as they are unknowable, but reasonable future scenarios are starting to take shape. This week, we speak to Elliot Hentov, Chief Macro Policy Strategist at State Street Investment Management, about the evolving conflict in Iran and the market implications for a prolonged disruption in one of the world’s key ...
Feb 2026
A step on the brakes
Holdings Institutional portfolios stayed strongly tilted towards equities, with stock allocations at their highest since 2007 and bond allocations at their lowest since 2008, while the US remained a clear regional overweight. Risk Appetite Risk appetite eased back to neutral after a mid month lift, as Fed uncertainty and liquidity concerns encouraged a more cautious mix, with selective risk still expressed in emerging market bonds and FX and high yield versus investment grade.
Dec 2025
Investors neutral amidst data uncertainty
Holdings Institutional portfolios remain heavily overweight in US equities and technology, favouring quality, growth and large caps, with stock allocations at an eighteen‑year high and bonds and cash still out of favour.
Nov 2025
One Step Forward, One Step Back
Holdings Institutional portfolios remain heavily overweight in US, Tech, and growth oriented styles, with stock allocations at an 18-year high. Risk Appetite The risk appetite index has dropped to neutral as investors rotate out of cyclicals and commodities into defensives and the US dollar.
1. Peter L. Bernstein Award for Best Article in an Institutional Investor Journal in 2013; Bernstein-Fabozzi/Jacobs-Levy Award for Outstanding Article in the Journal of Portfolio Management in 2006, 2009, 2011, 2013 (2), 2014, 2015, 2016, 2021; Graham & Dodd Scroll Award for article in the Financial Analysts Journal in 2002 and 2010. Roger F. Murray First Prize for Research Presented at the Q Group Conference in 2012, 2021, 2023. Harry M. Markowitz Award for Best Paper in the Journal of Investment Management in 2022, 2023. Doriot Award for Best Private Equity Research Paper in 2022.