Investors were rationally exuberant in 2025. US consumers remained remarkably resilient, keeping the world’s largest economy out of recession. The tariff blizzard waxed and waned, eventually settling at levies still compatible with maintaining global growth, albeit at an anemic level. Central banks around the world eased monetary conditions, helping to slow an increase of government bond yields amid increased sovereign debt supply. The value of global equities set a fresh record. The coming year
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Rationally Exuberant Markets Will Be Risking AI Mishaps in 2026
