All North America articles
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White papersThe great mid-term rotation
The US midterm elections delivered a Democratic sweep of Congress, and markets responded with a dramatic rotation. The shift was swift and decisive: investors moved out of high-growth, technology-heavy businesses into areas of the market that had long been overlooked.
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White papersUS midterm elections may be closer than expected
With the US midterm elections just around the corner, I am asked multiple times a day by colleagues, clients and friends how I think this pivotal contest is going to turn out. It’s my job after all to provide political analysis and public-policy research to Capital Group’s investment team — with an emphasis on analysis, not advocacy, as I always stress.
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White papersCross Asset Investment Strategy - October 2026
Topic of the Month - US midterm elections: fiscal gridlock on the horizon?
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White papersCRE transaction volumes rise again in September 2026
Real Capital Analytics’ newly published third-quarter CRE transaction volumes showed a sharp acceleration in activity, with headline volumes rising +89% year-over-year to $263.7 billion. While the magnitude of the increase was driven in part by several large portfolio- and entity-level transactions (which accounted for 54% of quarterly volume), the data nonetheless point to continued improvement in market liquidity and investor activity.
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White papersUS midterm elections: fiscal gridlock on the horizon?
US midterm elections will determine control of the House of Representatives and one-third of the Senate. All 435 House seats are up for election, along with 33 regular Senate seats.
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People NewsHeitman Appoints Dan Butler to Strengthen Consultant Relations
Heitman, a global real estate investment management firm, today announced the appointment of Dan Butler as Senior Vice President, Consultant Relations, within the firm’s Client Service & Marketing group.
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White papersThe market is the economy: Reflexivity and the monoculture of markets
The market has effectively become the economy it once merely served. Barry Gill argues that a supposedly diversified portfolio may now simply be a single leveraged AI bet.
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White papersU.S. Real Estate Sector Report
Stay ahead in real estate with our U.S. sector report. Discover market trends, sector performance, and future forecast now.
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White papersThe next chapter for global office
The global office market is moving past its post-pandemic malaise and is engaged in the early stages of recovery. Leasing activity is improving, transaction markets are beginning to reopen, credit is increasingly available, and capital values are stabilizing across a growing number of markets.
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White papersWhy the US economy is stronger than you might think
If you had told me a year ago that the United States would be waging an intractable war in the Middle East, oil prices would rise to more than $100 a barrel, interest rates would be moving sharply higher, and inflation would be running well above 3%, my forecast for the US economy would have been gloomy to say the least.
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White papersChips and Frack: How the AI Boom Rhymes with the US Shale Cycle
Few investors would naturally put artificial intelligence data centers and US shale oil in the same frame. One is built on advanced semiconductors and software; the other on rock, steel and drilling rigs. But the economic pattern is familiar. A breakthrough changes what is possible, demand outruns supply, attractive profit pools emerge and capital floods in. Then capacity expands, costs fall and competition tests which businesses have durable advantages.
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White papersHealthy Labor Market in the Face of AI
Despite ongoing concerns around inflation, tariffs, geopolitical tensions and AI-related disruption, the U.S. labor market remains more resilient than many expected. Our latest Macro Strategy outlook explores several underappreciated trends shaping employment today and what they could mean for growth, inflation and markets going forward.
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White papersWhen Capital Is No Longer Free: Rising U.S. Treasury Yields and the Repricing of Global Assets
The level of U.S. federal debt is frequently cited as evidence of an approaching fiscal crisis, but I think that conclusion is too simplistic. Yes, a publicly held debt load of around 101% of GDP1 is historically high and clearly warrants attention, but I do not believe the level itself is necessarily problematic.
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White papersThe expanding role of investment grade private credit in institutional portfolios
U.S. investment grade private corporate credit, debt issued directly to a small group of institutional lenders rather than sold on the public bond market, is seeing increased interest from asset allocators. The market predates the below-investment grade direct lending market by decades, driven largely by life insurers as a core fixed income allocation.
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PodcastReal Rates, Repriced Credit and the Case for a Short Fed Cycle
The Fed has turned hawkish, and the market is now pricing several more hikes. Our fixed income team isn’t convinced. Core U.S. inflation is still drifting lower, most of this year’s yield move has come from real rates rather than inflation expectations, and the disinflation case remains intact — all of which argues for a shorter path than consensus expects.
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White papersThe Fed raises policy rates
“The Fed’s September hike was primarily an insurance and credibility measure. Significant geopolitical uncertainty and scrutiny from bond markets could influence its actions going forward.”
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White papersFed rate hike: Three views on what’s next
The US Federal Reserve’s decision to raise interest rates by a quarter percentage point this month marks a significant shift in monetary policy as the central bank seeks to dampen war-induced inflationary pressures. Although it is the first time the Fed has hiked rates since July 2023, in some respects it represents a return to normal after many years of artificially low borrowing costs.
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White papersThe rise of rentership
For decades, the traditional path for many Americans followed a familiar progression: rent early in adulthood, purchase a starter home, and eventually trade up as income and family needs evolved. Today, that pathway is becoming increasingly difficult to follow. Rising housing costs, limited affordability, demographic changes, and evolving lifestyle preferences are reshaping how Americans access housing and, in many cases, extending the period during which they rent.
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White papersFrom AI ecosystems to industrial strength: The case for US small caps
The period spanning the second half of 2025 and the first half of 2026 marked a watershed moment for smaller US companies, as they outperformed their larger counterparts by some margin – putting the asset class firmly back on the map for investors.
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White papersResearch spotlight on AI
As the artificial intelligence (Al) boom reshapes many parts of the investment landscape, it features prominently in many aspects of our ongoing research. Below, we showcase some of our latest Al-related thinking.
