Fisher Investments - Market Insights

The economy and markets can feel dizzying and ever changing. That’s where we can help. Fisher Investments’ “This Week in Review” is a weekly segment designed to highlight a few things you may have missed this week, what they could mean for financial markets and why they matter to investors like you. This week, Fisher Investments reviews:

• Debt issued by AI companies

• French bond yields

• Elevated oil prices

Below are the sources for all data cited in today’s show:

1. Source: FactSet, as of 10/23/2026. NASDAQ Price, daily, 10/1/2026 - 10/22/2026.

2. Source: Macrobond, as of 10/21/2026. US, Germany, UK and Canada 10-year government bond yields, monthly, January 1990 – September 2026.

3. Source: Yahoo! Finance, as of 10/21/2026. “CoreWeave Bond Yields Reach 15% as Investors Reassess AI Infrastructure Financing Risks,” 10/19/2026.

4. Source: Dealroom.co, as of 10/21/2026. “AI debt worries spark surge in default insurance trading,” 10/20/2026.

5. Source: Macrobond, as of 10/22/2026. MSCI Emerging Markets (EM), MSCI Europe, MSCI UK, MSCI Canada, MSCI Australia, MSCI Japan, MSCI World and MSCI USA Total Return indexes, cumulative returns, USD, daily, 1/1/2022 - 10/16/2026.

6. Source: FactSet, as of 10/23/2026. France 10-Year Government Bond Yield, 12/31/2025 –10/22/2026.

7. Source: FactSet, as of 10/21/2026. 10-year yields for Germany, France, US and Japan, 12/31/2025 – 10/1/2026.

8. Source: Macrobond, as of 10/21/2026. US, Germany, UK, Canada and Greece 10-year government bond yields, monthly, January 1990 – August 2026.

9. Source: Insee, as of 10/21/2026. French Central Government Interest Payments Relative to Revenue, 12/31/1977 – 8/31/2026.

10. Source: MarketWatch, as of 10/23/2026. Brent Crude continuous contract, 10/19/2026 – 10/23/2026.

11. Source: Macrobond, as of 10/22/2026. MSCI World Total Return index, monthly, January 1970 – September 2026.

12. Source: MarketWatch, as of 10/23/2026. Brent Crude continuous contract, 1/1/2026 – 10/22/2026.

13. Source: IEA, as of 10/7/2026. September Oil Market Report.

14. Source: FactSet, as of 10/21/2026. Brent oil prices in nominal and real (2000 base) USD, monthly, 1/1/2000 – 9/30/2026.

15. Source: Macrobond, as of 10/21/2026. Oil consumption/real GDP of US, European Union and China, yearly 1965 – 2024. Expressed in barrels of oil per $1,000 USD of GDP.

Want to dig deeper?

• More on what rising French bond yields mean for markets: https://www.fisherinvestments.com/en-us/insights/market-commentary/budgeting-for-french-debt-fears

• How global oil supply constraints affect businesses: https://www.fisherinvestments.com/en-us/insights/market-commentary/on-oils-latest-vicissitudes

Have feedback for this Fisher Investments video? Share your thoughts on this episode in just 1 minute by filling out this survey:

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You can also follow Ken Fisher here:

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Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. The foregoing constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice.

In this episode of the Market Insights podcast, Fisher Investments’ Founder, Executive Chairman, and Co-Chief Investment Officer, Ken Fisher, tackles a fresh round of listener questions. Ken shares his perspective on whether deep market crashes and recessions are less likely today, what history tells us about the relationship between government debt and GDP, whether construction trends are a reliable leading economic indicator and how investors should think about risk and market volatility in their portfolios. Get these insights and much more in this episode of the Market Insights podcast.

Episode recorded on 08/17/2026.

Visit our episode page, where you will find links to more information and resources to help you become a more informed investor.

And if you have questions about capital markets, investing or personal finance, email us at [email protected]. We may use them in an upcoming episode.

The economy and markets can feel dizzying and ever changing. That’s where we can help. Fisher Investments’ “This Week in Review” is a weekly segment designed to highlight a few things you may have missed this week, what they could mean for financial markets and why they matter to investors like you. This week, Fisher Investments reviews:

• Bull market’s four-year anniversary

• Financial companies kick off Q3 earnings

• September US inflation readings

Below are the sources for all data cited in today’s show:

1.) Source: FactSet, as of 10/15/2026. S&P 500 bull markets, daily, 6/1/1932 – 9/30/2026. Current bull market is ongoing.

2.) Source: FactSet, as of 10/13/2026. MSCI World Index return with net dividends, 1/4/2022 – 10/12/2022.

3.) Source: Finaeon, as of 10/13/2026. S&P 500 Total Return Index from 12/31/1929 – 12/31/2025.

4.) FactSet, as of 10/13/2026. Earnings Insight Report, published 10/9/2026.

5.) Source: CNBC, as of 10/13/2026. “Bank Earnings Takeaways: Here’s how JPMorgan, Goldman, Wells Fargo and Citi Performed in Q3,” 10/13/2026.

6.) Source: Gartner, FactSet, as of 10/15/2026. Growth expectations for global tech sales categorized by wall street and industry estimates.

7.) Source: U.S. Bureau of Labor Statistics, as of 10/13/2026. Y/y US headline CPI inflation, y/y US core CPI inflation, January 2022 - September 2026.

8.) Source: The New York Times, as of 10/14/2026. “Fed’s Preferred Inflation Gauge Points to Continued Price Pressures,” 9/30/2026.

9.) Source: Macrobond, as of 10/13/2026. Y/y percent change in M2 (money supply) for US, UK, eurozone and Japan, local currencies, monthly, September 2025 – September 2026.

Want to dig deeper?

• Learn why Ken Fisher doesn’t worry about central bank moves: https://www.youtube.com/watch?v=FF_CQaFv_9Y

• Discover more about the upcoming election season: https://www.fisherinvestments.com/en-us/insights/market-commentary/two-elections-in-the-americas-and-spains-coming-snap-vote

Have feedback for this Fisher Investments video? Share your thoughts on this episode in just 1 minute by filling out this survey:

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You can also follow Ken Fisher here:

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• X - https://twitter.com/KennethLFisher

• LinkedIn - https://www.linkedin.com/in/ken-fisher/

• Instagram - https://www.instagram.com/kenfisher_fisherinvestments/

Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. The foregoing constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice.

The economy and markets can feel dizzying and ever changing. That’s where we can help. Fisher Investments’ “This Week in Review” is a weekly segment designed to highlight a few things you may have missed this week, what they could mean for financial markets and why they matter to investors like you. This week, Fisher Investments reviews:

• The latest stock market record high

• The details behind the latest Fed rate hike

• Spain’s surprise election

Below are the sources for all data cited in today’s show:

1. CNBC, as of 10/07/2026. “S&P 500 Posts First Close Above 7,800, Boosted by Tech Gains and Cooler Yields,” 10/06/2026.

2. FactSet and Finaeon, Inc., as of 7/10/2026. S&P 500 quarterly total returns, Q1 1926 – Q2 2026.

3. Federal Reserve, as of 10/07/2026. Minutes of the Federal Open Market Committee, September 15-16, 2026.

4. Federal Reserve, as of 10/06/2026. Economy at a Glance – Inflation (PCE), 8/02/2024.

5. CNBC, as of 10/06/2026. “Vance Says Fed Should Lower Interest Rates,” 9/03/2026.

6. The Wall Street Journal, as of 10/06/2026. “Spanish Leader Calls for Elections, Riding Wave of Anger Over Housing Costs,” 10/05/2026.

7. PolitPro.eu, as of 10/06/2026. Spanish Election Results Since 1945: Seats and Outcomes.

8. FactSet, as of 10/9/2026. S&P 500 Price Returns Index, 8/1/2026 - 10/8/2026.

Want to dig deeper?

• Learn why Ken Fisher doesn’t worry about central bank moves: https://www.youtube.com/watch?v=FF_CQaFv_9Y

• Discover more about the upcoming election season: https://www.fisherinvestments.com/en-us/insights/market-commentary/two-elections-in-the-americas-and-spains-coming-snap-vote

Have feedback for this Fisher Investments video? Share your thoughts on this episode in just 1 minute by filling out this survey:

https://fi.co1.qualtrics.com/jfe/form/SV_6Vw1ezlogR044S2?VideoCode=WeekInReview9Oct2026

Connect with Fisher Investments on:

• Facebook - https://www.facebook.com/FisherInvestments

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You can also follow Ken Fisher here:

• Facebook - https://www.facebook.com/KenFisher.FisherInvestments

• X - https://twitter.com/KennethLFisher

• LinkedIn - https://www.linkedin.com/in/ken-fisher/

• Instagram - https://www.instagram.com/kenfisher_fisherinvestments/

Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. The foregoing constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice.

The economy and markets can feel dizzying and ever changing. That’s where we can help. Fisher Investments’ “This Week in Review” is a weekly segment designed to highlight a few things you may have missed this week, what they could mean for financial markets and why they matter to investors like you. This week, Fisher Investments reviews:

• What happened in Q3

• The US September jobs report

• US-China trade developments

Below are the sources for all data cited in today’s show:

1. Source: FactSet, as of 10/01/2026. MSCI World Total Return Index, 12/31/2025 – 9/30/2026.

2. Source: European Central Bank, as of 9/10/2026. Monetary policy decisions, 9/10/2026.

3. Sources: Federal Reserve, as of 9/28/2026. Federal Reserve issues FOMC statement, 9/16/2026.

4. Source: The Wall Street Journal, as of 9/15/2026. “Global Bond Selloff Deepens as 10-Year Yields Hit Multiyear Highs,” 9/15/2026.

5. Source: U.S. Department of the Treasury, as of 8/20/2026. Debt to the Penny, 8/19/2026.

6. Source: The Wall Street Journal, as of 9/28/2026. “U.S., Japan Intervene to Boost Yen for First Time Since 1998,” 8/03/2026.

7. Source: U.S. Bureau of Labor Statistics, as of 10/02/2026. United States Non-Farm Payrolls and Unemployment Rate, August 2026 – September 2026.

8. Source: Trading Economics, as of 10/01/2026. Y/y United States Real Average Hourly Earnings, August 2025 – August 2026.

9. Source: CNBC, as of 9/28/2026. “U.S., China to Lower Tariffs on $60 Billion of Goods,” 9/28/2026.

Want to dig deeper?

• Learn more about how tariffs affect trade and markets:

https://www.fisherinvestments.com/en-us/insights/market-commentary/the-new-tariffs-in-town-are-still-old-news

Have feedback for this Fisher Investments video? Share your thoughts on this episode in just 1 minute by filling out this survey:

https://fi.co1.qualtrics.com/jfe/form/SV_6Vw1ezlogR044S2?VideoCode=WeekInReview2Oct2026

Connect with Fisher Investments on:

• Facebook - https://www.facebook.com/FisherInvestments

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You can also follow Ken Fisher here:

• Facebook - https://www.facebook.com/KenFisher.FisherInvestments

• X - https://twitter.com/KennethLFisher

• LinkedIn - https://www.linkedin.com/in/ken-fisher/

• Instagram - https://www.instagram.com/kenfisher_fisherinvestments/

Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. The foregoing constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice

The economy and markets can feel dizzying and ever changing. That’s where we can help. Fisher Investments’ “This Week in Review” is a weekly segment designed to highlight a few things you may have missed this week, what they could mean for financial markets and why they matter to investors like you. This week, Fisher Investments reviews:

• Stock and bond market volatility

• Bitcoin volatility

• Financial planning Roth conversions

Below are the sources for all data cited in today’s show:

1.) Source: FactSet and Macrobond, as of 9/24/2026. MSCI World Total Return Index, US, Germany, UK, Canada and Greece 10-year government bond yields, monthly, 9/21/2026 – 9/25/2026.

2.) Source: CNBC, as of 9/22/2026. “Trump Says DOJ Will Rein in AI ‘If We Have To,’” 9/21/2026.

3.) Source: FactSet and Macrobond, as of 9/24/2026. MSCI World Total Return Index, US, Germany, UK, Canada and Greece 10-year government bond yields, monthly, 1/1/1990 – 9/25/2026.

4.) Source: Macrobond, as of 9/24/2026. US and GDP-weighted developed markets excluding US government bond yield spreads (10Y – 3M), daily, 1/1/2025 – 9/18/2026.

5.) Source: FactSet, as of 9/24/2026. MSCI Spain Total Return Index, returns and composition, 1/1/2026 – 9/23/2026.

6.) Source: CoinMarketCap, as of 9/25/2026. Bitcoin, 10/1/2025 – 9/24/2026.

7.) Source: Source: FactSet and Finaeon, as of 9/22/2026. Bitcoin close price and MSCI World Price Index levels, daily, 1/1/2017 – 9/21/2026.

8.) Source: IRS.gov, as of 9/25/2026. Roth IRAs FAQs.

Want to dig deeper?

• Explore whether crypto is a suitable choice for long-term investors? https://www.youtube.com/watch?v=6i1TiS0oM_A&t=2s

Have feedback for this Fisher Investments video? Share your thoughts on this episode in just 1 minute by filling out this survey:

https://fi.co1.qualtrics.com/jfe/form/SV_6Vw1ezlogR044S2?VideoCode=WeekInReview25Sept2026

Connect with Fisher Investments on:

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• TikTok - https://www.tiktok.com/@fisher_investments

You can also follow Ken Fisher here:

• Facebook - https://www.facebook.com/KenFisher.FisherInvestments

• X - https://twitter.com/KennethLFisher

• LinkedIn - https://www.linkedin.com/in/ken-fisher/

• Instagram - https://www.instagram.com/kenfisher_fisherinvestments/

Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. The foregoing constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice.

The economy and markets can feel dizzying and ever changing. That’s where we can help. Fisher Investments’ “This Week in Review” is a weekly segment designed to highlight a few things you may have missed this week, what they could mean for financial markets and why they matter to investors like you. This week, Fisher Investments reviews:

• The Fed’s interest rate decision

• Tech volatility amid AI pause talks

• Climbing bond yields

Below are the sources for all data cited in today’s show:

1. Source: WSJ, as of 9/16/2026. “U.S. Stocks Fall After Fed Rate Increase,” 9/16/2026.

2. Source: Macrobond, as of 9/16/2026. US and GDP-weighted developed markets excluding US government bond yield spreads (10Y – 3M), daily, 1/1/2025 – 9/15/2026.

3. Source: FactSet, as of 9/16/2026. Q1 reported earnings and Q2 estimated earnings for the MSCI World, S&P 500, MSCI Japan, MSCI European Economic and Monetary Union and MSCI UK, Q1 2026 – Q2 2026.

4. Source: WSJ, as of 9/15/2026. “U.S. Stocks Fall on Fears AI Companies, Fed Will Slam the Brakes,” 9/14/2026.

5. Source: FactSet, as of 9/11/2026. Calendar year 2026 estimated earnings growth for MSCI World and each of its sectors as of 9/10/2026.

6. Source: WSJ, as of 9/15/2026. “Global Bond Selloff Deepens as 10-Year Yields Hit Multiyear Highs,” 9/15/2026.

7. Source: Macrobond, as of 9/16/2026. US, Germany, UK, Canada and Greece 10-year government bond yields, monthly, January 1990 – August 2026.

8. Source: Macrobond, as of 9/16/2026. US and GDP-weighted developed markets excluding US government bond yield spreads (10Y – 3M), daily, 1/1/2025 – 9/15/2026.

Want to dig deeper?

• More on the Fed’s first rate hike since 2023:

https://www.fisherinvestments.com/en-us/insights/market-commentary/the-ineffectual-fed-hike

See where Fisher Investments spots opportunity and position your portfolio for the road ahead: https://www.fisherinvestments.com/en-us/campaigns/smo/lf?PC=OSCALFNO28&CC=XXXX.

Have feedback for this Fisher Investments video? Share your thoughts on this episode in just 1 minute by filling out this survey:

https://fi.co1.qualtrics.com/jfe/form/SV_6Vw1ezlogR044S2?VideoCode=WeekInReview18Sept2026

Connect with Fisher Investments on:

• Facebook - https://www.facebook.com/FisherInvestments

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You can also follow Ken Fisher here:

• Facebook - https://www.facebook.com/KenFisher.FisherInvestments

• X - https://twitter.com/KennethLFisher

• LinkedIn - https://www.linkedin.com/in/ken-fisher/

• Instagram - https://www.instagram.com/kenfisher_fisherinvestments/

Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. The foregoing constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice.

The economy and markets can feel dizzying and ever changing. That’s where we can help. Fisher Investments’ “This Week in Review” is a weekly segment designed to highlight a few things you may have missed this week, what they could mean for financial markets and why they matter to investors like you. This week, Fisher Investments reviews:

• US inflation data for August

• British Chancellor John Healey’s speech on the UK government budget

• Eurozone interest rates

Below are the sources for all data cited in today’s show:

1. Source: U.S. Bureau of Labor Statistics, as of 9/11/2026. Y/y US headline and core CPI inflation, May 2026 – July 2026.

2. Source: Macrobond, as of 9/11/2026. Y/y percent change in M2 (money supply) for US, UK, eurozone and Japan, local currencies, monthly, August 2025 – August 2026.

3. Source: Welcome to GOV.UK , as of 9/8/2026. Chancellor John Healey’s Growth Speech 2026, 9/7/2026.

4. Source: The Guardian, as of 9/8/2026. “Burnham Beware, the Bond Markets Will Demand Proper Answers in the Budget,” 9/2/2026.

5. Source: CNBC, as of 9/8/2026. “Global Bond Rout Gathers Pace as Inflation Fears Mount,” 9/2/2026.

6. Source: European Central Bank, as of 9/10/2026. Monetary policy decisions, 9/10/2026.

7. Source: Eurostat and Macrobond, as of 9/8/2026. Q/q eurozone GDP growth, Q1 2026 – Q2 2026, Citi Economic Surprise Index for the US and eurozone, daily, 1/1/2026 – 7/31/2026.

Want to dig deeper?

• More on what to expect from the UK budget: https://www.fisherinvestments.com/en-us/insights/market-commentary/the-uks-budget-hotair-ballooning

• Why Ken Fisher is optimistic about European stocks: https://www.youtube.com/watch?v=QDDSjsaBHZg

• Ken Fisher’s thoughts on why central bank fears are overblown: https://www.youtube.com/watch?v=FF_CQaFv_9Y

Have feedback for this Fisher Investments video? Share your thoughts on this episode in just 1 minute by filling out this survey:

https://fi.co1.qualtrics.com/jfe/form/SV_6Vw1ezlogR044S2?VideoCode=WeekInReview7Sept2026

Connect with Fisher Investments on:

• Facebook - https://www.facebook.com/FisherInvestments

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You can also follow Ken Fisher here:

• Facebook - https://www.facebook.com/KenFisher.FisherInvestments

• X - https://twitter.com/KennethLFisher

• LinkedIn - https://www.linkedin.com/in/ken-fisher/

• Instagram - https://www.instagram.com/kenfisher_fisherinvestments/

Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. The foregoing constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice.

This Week in Review | US-Iran War, Employment Data, G20 Finance Ministers’ Meeting (Sept. 4, 2026)

The economy and markets can feel dizzying and ever changing. That’s where we can help. Fisher Investments’ “This Week in Review” is a weekly segment designed to highlight a few things you may have missed this week, what they could mean for financial markets and why they matter to investors like you. This week, Fisher Investments reviews:

• US-Iran war escalation

• US employment data for August

• The G20 finance ministers’ meeting

Below are the sources for all data cited in today’s show:

1. Source: WSJ, as of 9/3/2026. “U.S. and Iran Trade Strikes in Latest Fight for Control of Hormuz”

2. Source: MarketWatch, as of 9/4/2026. Brent Crude continuous contract, 9/3/2026.

3. Source: FactSet, as of 9/4/2026. MSCI World Total Return Index, 8/31/2026 – 9/3/2026.

4. Source: MarketWatch, as of 9/4/2026. Brent Crude continuous contract, 1/1/2022 – 9/3/2026.

5. Source: MarketWatch, as of 9/4/2026. Brent Crude continuous contract, 9/3/2026.

6. Source: U.S. Bureau of Labor Statistics, as of 9/4/2026. United States Non-Farm Payrolls and Unemployment Rate, July 2026 – August 2026.

7. Source: CNBC, as of 8/31/2026. “Bessent, Warsh kick off G20 finance meeting with growth-focused remarks.”

Want to dig deeper?

• More on how investors can parse through the recent Iran flare up: https://www.fisherinvestments.com/en-us/insights/market-commentary/on-the-iran-flare-up

Have feedback for this Fisher Investments video? Share your thoughts on this episode in just 1 minute by filling out this survey:

https://fi.co1.qualtrics.com/jfe/form/SV_6Vw1ezlogR044S2?VideoCode=WeekInReview7Sept2026

Connect with Fisher Investments on:

• Facebook - https://www.facebook.com/FisherInvestments

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• LinkedIn - https://www.linkedin.com/company/fisher-investments

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• TikTok - https://www.tiktok.com/@fisher_investments

You can also follow Ken Fisher here:

• Facebook - https://www.facebook.com/KenFisher.FisherInvestments

• X - https://twitter.com/KennethLFisher

• LinkedIn - https://www.linkedin.com/in/ken-fisher/

• Instagram - https://www.instagram.com/kenfisher_fisherinvestments/

Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. The foregoing constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice.

The economy and markets can feel dizzying and ever changing. That’s where we can help. Fisher Investments’ “This Week in Review” is a weekly segment designed to highlight a few things you may have missed this week, what they could mean for financial markets and why they matter to investors like you. This week, Fisher Investments reviews:

• US-Canada trade negotiations

• AI data center pushback

• Treasury department’s debt buyback

Below are the sources for all data cited in today’s show:

1. Source: CNBC, as of 8/25/2026. “Canada Unveils Retaliatory Tariffs on About $20 Billion of U.S. Goods”, 8/25/2026.

2. Source: FactSet, as of 8/25/2026. Canadian Imports to US, 1/1/2025 – 12/31/2025.

3. Source: FactSet, as of 8/27/2026. US Imports to Canada, 1/1/2025 – 12/31/2025.

4. Source: National Conference of State Legislatures, as of 8/26/2026. “Which States Are Banning Data Centers?”, 7/1/2026.

5. Source: U.S. Department of the Treasury, as of 8/20/2026. Debt to the Penny, 8/19/2026.

6. Source: CNBC, as of 8/25/2026. “Treasury doubles debt buybacks as Bessent moves to steady bond market”, 8/19/2026.

7. Source: Congressional Budget Office, as of 8/25/2026. “The Budget and Economic Outlook: 2025 to 2035”, 1/17/2025.

8. Source: US Treasury Department, Bureau of Public Debt, as of 8/25/2026. Debt held from foreign and US governments, the Federal Reserve, and US Investors as of 11/28/2025.

9. Source: Securities Industry and Financial Markets Association, as of 8/25/2026. US Treasury Securities Statistics, July 2026.

10. Source: Macrobond, as of 6/2/2026. US government bond yield spreads (10Y – 3M), daily 1/1/2025 – 6/30/2026.

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