All United States articles
-
White papersUnlocking nature-based solutions with mitigation banking
Natural capital has long been seen as an effective portfolio diversifier for investors, offering an attractive balance of environmental and income characteristics. However, entering these markets has proved challenging for many.
-
White papersCould US GDP growth hit 5% this year?
The resilience of the US economy never fails to amaze me. Despite all the turmoil in the world, the US economy somehow manages to look past it, power through it, and come out stronger on the other side.
-
White papersWinners and Losers at the All-K Corral
Economic growth through the third quarter of 2025 came in above expectations and will likely end the year on a strong note. At the same time, the K-shaped economy is more present than ever: even outside the consumer. Most of our recent productivity gains have been concentrated in the information sector while others remain stagnant. Services industries continue to grow, but manufacturing has been in contraction for 34 out of the last 36 months. Large firms are also seeing strong profits, but small firms continue to struggle.
-
White papersEU risk retention rules – implications for US securitised credit investors
The European Union Securitisation Regulation (EUSR) took effect in 2019 (concurrently with an equivalent UKSR framework for UK investors). EUSR imposes compliance obligations on many EU-regulated entities, including UCITS (Undertakings for Collective Investment in Transferable Securities) funds, which invest in securitised assets.
-
White papersHow US midterm elections affect the markets
With everything happening in the world — from the US push to annex Greenland, to new tariffs against Europe, to military intervention in Venezuela — investors may not be focused on the US midterm elections just yet. But this pivotal contest is just 10 months away, and the campaign starts in earnest next month when President Donald Trump delivers the State of the Union Address.
-
White papersU.S. Fixed Income: Policy-Driven Opportunities Emerge
Amid the administration’s flurry of affordability-targeted policy initiatives, bond investment opportunities are emerging.
-
White papersUS inflation down, but still above target
US CPI was up 2.7% YoY in December, unchanged from the previous month, meeting market expectations and significantly down from levels seen in early 2024. Core inflation — which excludes food and energy — rose 2.6%, slightly below expectations. It was weighed down by declines in used cars and trucks and by IT‑related goods.
-
White papersTreasury yields reflect a curious equilibrium to start the year
As we begin the new year, actual and implied volatilities in the US Treasury market have fallen to four-year lows, returning to levels that were common before the pandemic. Of course, the last four years included a number of disruptors: the inflation surge to multi-decade highs; the Federal Reserve’s (Fed) rapid tightening to suppress inflation; the Silicon Valley Bank crisis; President Donald Trump’s tariffs announcement; and the eventual Fed easing in response to weakening job creation.
-
White papersImplications of the US move on Venezuela
Following a targeted US military operation, Nicolás Maduro and his wife were exfiltrated from the country and transferred to New York to face long-standing narco-terrorism charges. The capture itself reportedly did not involve extensive firefights, having been carefully planned to enable the safe insertion and extraction of US Delta Force and other units.
-
White papersMore growth, less heat: January macro and asset class views
Consensus growth forecasts for the US and other advanced economies have been repeatedly revised higher since Liberation Day for both 2025 and 2026. We still think a 2% US GDP forecast for 2026 is too low.
-
White papersMacro brief: Powering AI — Energy crunch sparks investment surge
If there is one element that underpins the development of artificial intelligence and reindustrialisation of America, it might be electric power.
-
White papersAssessing Venezuela Oil Supply Risks
The dramatic U.S. intervention in Venezuela has raised expectations of a rapid supply boost, but we anticipate a slower, more complex recovery in exports given operational constraints, legal frictions, and years of underinvestment in the sector.
-
White papersFed cuts, keeps a balanced tone
The Federal Reserve (Fed) reduced its target federal funds rate by 25bp at its December policy meeting. Chair Powell acknowledged that risks to both sides of the Fed’s dual mandate — inflation and labour markets — remain. However, we believe some signals from the Fed suggest labour markets are weaker than current data indicates.
-
White papersFor Utilities, AI Poses Questions of Capacity and Affordability
The data center buildout is helping drive electricity demand, utility capex and issuance, but it is also fomenting risks tied to regulation and stranded generation capacity.
-
White papersU.S. Rates: How Low Can They Go?
A more dovish rate cut than anticipated by the U.S. Federal Reserve has created an interesting setup for fixed income markets next year. The focus on its independence adds another dimension.
-
White papersPrediction Markets Are Upending U.S. Gambling: What It Could Mean for Non-Investment Grade Credit
A 2024 court ruling allowed prediction markets to operate as federally regulated event contract exchanges. With nationwide reach, these products are pressuring state regulated sports books, lotteries and casinos—raising new considerations for non-investment grade issuers and investors.
-
White papersIPOs aren’t dead, they’re just napping…
It would be a massive understatement to say that the IPO market has seen fluctuations over the past five years. Only four short years ago, US markets experienced a record-breaking 1,035 IPOs, driven largely by the near-zero interest-rate market environment.
-
White papersThe Fed delivers a rate cut with a caveat
The Federal Reserve cut rates by 25 basis points but signaled a more cautious path ahead, projecting just one cut in 2025. The policy statement leaned hawkish with upgraded growth forecasts, while Chair Powell maintained a neutral tone. What does this mean for your portfolio? Discover where we see the biggest potential in today’s rate environment.
-
VideoNeuberger Berman Private Markets: Q3 2025 Preliminary Valuation Summary & Analysis
For Q3 2025, based on preliminary analysis, Neuberger Private Markets currently anticipates that buyout funds (including growth equity) will increase in value by an average of 1.2% in USD. Similarly, venture capital funds are expected to increase in value by an average of 4.4% in USD, albeit with a much wider dispersion than the buyout sample.
-
White papersBeyond the Magnificent Seven: How US SMID caps are riding the AI wave
US small and mid-cap (SMID) companies are emerging as quiet powerhouses in the AI economy. In this video, Charlotte Daughtrey, Investment Director, Equities, outlines how these companies are using new technologies to innovate faster, streamline operations and reveal exciting opportunities across the entire AI value chain.
