Executive Summary: Market Backdrop The third quarter of 2026 was defined by the bond market, not the stock market. Long-term interest rates surged to levels not seen in more than two decades, and that one development shaped almost everything else.
Executive Summary: Market Backdrop The third quarter of 2026 was defined by the bond market, not the stock market. Long-term interest rates surged to levels not seen in more than two decades, and that one development shaped almost everything else.