All United States articles
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White papersMacro brief: AI in Europe Part 2 – Comparing capex and strategy
While estimates of AI spending across regions are hard to find, every available measure shows the scale of investment in Europe is an order of magnitude smaller than in the US and China.
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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.
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White papersIs your core US equity allocation ready for what’s next?
US equities often sit at the heart of most investment portfolios, but the US market today looks very different from the one that rewarded passive investors for much of the past decade. Concentration has reached historic levels, and early signs suggest leadership is beginning to broaden. That shift could have real consequences for how investors implement their core US equity exposure.
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White papersWhat higher interest rates could mean for stocks and bonds
Bonds have been anything but boring this summer. With US Treasury yields climbing amid rising national debt, elevated inflation and massive AI-related investments, some investors are asking whether recent volatility signals a looming crisis or a broader shift to a world of higher interest rates.
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White papersSmaller Fed, Bigger Questions
While markets remain focused on interest rates, the Federal Reserve is taking a closer look at its balance sheet strategy. A newly established task force is evaluating whether changes to reserve management, portfolio composition, and Treasury-Fed coordination could help reshape the Fed’s role in financial markets and influence monetary policy implementation in the years ahead.
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White papersUS vs. China: Who’s winning the AI race?
Thomas Edison had George Westinghouse. Apollo had Sputnik. Today’s artificial intelligence race between the United States and China may be the latest example of rivalry acting as a catalyst for innovation.
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White papersU.S. CRE Cycle Monitor: 2Q26 – Recovery Intact
In our mid-year 2026 Global CRE Outlook, we argued that the CRE cycle remains intact despite geopolitical volatility and shifting macro crosscurrents. Our five-signal marketer barometer, that we introduced in May 2026, suggests that the conditions for a sustained momentum remain in place in 2Q26. No single signal is sufficient on its own, but their alignment and sequencing make a compelling case for the direction of commercial real estate.
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White papersU.S. Real Estate: Powering Through Uncertainty with Caution
Real estate fundamentals strengthened in the second quarter as resilient demand and lower levels of new supply outweighed headwinds from economic uncertainty, slower demographic growth and resource constraints.
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White papersUS high yield: Selective opportunities in a bifurcated economy
The last few months have not been straightforward for fixed income markets. As oil prices surged amid the Middle East conflict and inflation expectations rose, markets repriced the potential path of monetary policy.
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White papers2026 Midyear Real Estate Outlook
As we noted in our outlook earlier this year, real estate and economic conditions remain bifurcated across the U.S. Some markets and sectors continue to generate healthy tenant demand but face elevated availability; others have limited space and stronger growth.
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White papersStrong US earnings growth continues
“The ongoing US earnings season confirms a broadening of earnings growth across sectors, although scrutiny remains on data and quality of guidance beneath the headline numbers. Overall, this reinforces the importance of diversification and selectivity”
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White papersFour market insights we shared with US Congress
Opportunities to speak before Congress are rare. So, when US lawmakers invited Capital Group Vice Chair Jody Jonsson to share her perspective on aligning public policy with shifting market conditions, she welcomed the chance.
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White papersWhat a 5% 10-year Treasury means for commercial real estate
As the 10-year Treasury pushes toward 4.75% for the first time since January 2025, investors are asking what it means for U.S. commercial real estate (CRE). Importantly, the reason rates are rising matters as much as the level. What began as an orderly move in real rates and term premium is now giving way to something less benign - rising inflation expectations and a bond market that’s testing the Fed’s resolve. A 10-year yield near 5% raises the bar for CRE, but it sharpens our thesis rather than breaks it: net operating income (NOI) growth and selectivity are what will likely separate winners from the rest.
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White papersFed on hold, markets in action
“As the Fed moves to reduce policy guidance, uncertainty over the short-rate path is likely to rise, creating additional volatility along the yield curve”
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White papersIndustrial outdoor storage moves toward the institutional inner circle
Private real estate credit managers seeking to diversify their investments in alternative sectors are primed for more in the industrial sub-category.
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White papers2Q26 U.S. Transaction Volumes Rise +14% YoY
Real Capital Analytics’ newest data shows U.S. commercial real estate transaction volumes increased in 2Q26, with headline volumes rising +14% YoY to $136.6bn. This represents the ninth consecutive quarter of rising YoY transaction volumes and may help to alleviate concerns of a slowdown given an uncertain macro backdrop.
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White papersRotations are playing out
In US equities, recent weeks have shown that despite low market volatility, single stock volatility is rising, as investors increase scrutiny. Market expectations for the upcoming earnings season are high, leaving the market vulnerable to some fragility in case of disappointment.
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White papersUS Agency Mortgage-Backed Securities: Fundamentals remain robust
This article is part of the Fixed Income Quarterly Outlook for Q3 2026, covering Emerging Market Debt, Euro Credit, Euro High Yield, Sovereign Bonds and US Agency Mortgage-Backed Securities.
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White papersMore US Stocks Are Marching to a Different Beat
AI leadership has left many stocks moving to a different rhythm. Investors should tune in.
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White papersSeniors Housing Research Perspective Q1 2026
The seniors housing sector continued to deliver solid revenue and NOI growth in the first quarter, building on momentum established over recent years.
