The bond market has been making headlines recently as long-term Treasury yields have risen to levels last experienced in 2007. This has generated concerns about inflation, government borrowing, and the potential impact of higher interest rates on both bonds and stocks.

One of the most common questions investors ask is why a great company can report strong earnings and still see its stock price fall sharply. The answer often comes down to one word: expectations.

Over the long run, earnings growth is the primary driver of a company's stock price. However, in the short run, changes in investors' expectations about future growth can have an even greater impact. Understanding this relationship helps explain why some of the market's fastest growing companies can also be among its most volatile.

Following the Federal Reserve's most recent meeting on June 17, 2026, it appears increasingly likely that the Fed's next move will be to raise interest rates rather than cut them. New Federal Reserve Chairman Kevin Warsh underscored that possibility with a clear commitment to fighting inflation, stating:

"The Committee will deliver price stability."

He went on to acknowledge:

"We've missed for five years, and we're going to fix that."

Those comments suggest the Fed's primary focus remains controlling inflation, even if that means maintaining higher interest rates for longer or raising rates further. While interest rate policy can seem like an abstract topic discussed by economists and financial markets, Fed decisions ultimately affect nearly every consumer.

A recent report from The Wall Street Journal highlighted that OpenAI fell short of some of its internal expectations for user growth and revenue in 2026. In addition, ChatGPT did not reach its goal of one billion weekly active users by the end of 2025, instead finishing the year with an estimated ~800 million.

On February 22nd, Citrini Research posted a report titled “The 2028 Global Intelligence Crisis” by Citrini and Alap Shah. The self-described thought exercise theorized a scenario in which Artificial Intelligence (“AI”) destroys more jobs than it creates. The results are economically catastrophic.

Fixed income can play a critical role in a well-constructed investment portfolio. While equities are typically the primary driver of long-term returns, fixed income serves a different purpose: risk management. 

Our philosophy is straightforward. Fixed income should act as a true hedge against equity market volatility while also providing a predictable level of income. It is not intended to be the engine of growth in a portfolio. That responsibility belongs to equities. This distinction matters because fixed income investments have an inherently asymmetrical payoff profile. 

For much of the past two years, holding cash felt like a rational long-term strategy. Money market funds offered yields of around 5%, and investors were paid to hold cash. Some investors found it particularly attractive after enduring years of near zero short-term rates. That environment has now changed, and the shift is structural rather than temporary. 

OpenAI, the company behind ChatGPT, expects to end 2025 with an annualized run rate of revenue over $20 billion; its fourth quarter revenue will be about $5B. OpenAI’s CEO Sam Altman predicts revenue will grow to hundreds of billions by 2030. 2030 is also when the company is guiding positive free cash flow. Essentially, the company will have cash after paying all operating and maintenance costs. The common definition of free cash flow is Cash from Operations (CFO) minus Capital Expenditures.  

Electricity prices are climbing as tech giants like Amazon, Google, and Microsoft build massive data centers to train and run their Artificial Intelligence (AI) models. These facilities are the digital backbone of today’s AI revolution,  but they’re also consuming staggering amounts of power.