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A more nuanced macro regime

June 2026

Markets are entering a more complex phase where improving growth signals, moderating inflation, and evolving capital markets dynamics are unfolding simultaneously. While recession risks have eased, the economy remains uneven beneath the surface, and policy is still restrictive. At the same time, a reopening of the IPO window is beginning to reconnect public markets with long-duration growth assets—an important shift after several years where many of the most dynamic companies remained private. For investors, this backdrop reinforces the importance of diversification across both traditional asset classes and emerging sources of return.

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