Insights

The voluntary insurance market and state and local governments seek to adapt and increase resiliency in the face of a changing climate.

Treasury yields rose modestly across the curve during January, with the 2-year and 10-year maturities seeing increases of 5 basis points, as markets adjusted to shifting economic data.

U.S. electricity consumption is forecasted to grow up to 25 percent by 2030, with over half of growth from data centers.

AI-driven data center growth is increasing water demand, especially in water-stressed regions, with electricity generation driving most water use.

Economic growth remained robust in the fourth quarter, fueled by strong spending from high-income households and productivity gains linked to artificial intelligence-related investments.

As we enter 2026, we are of the view that the next 12 months may be more about total return and less excess return.

Fixed-income market participants often quote the term “yield,” but the word’s context could be misunderstood because various types of yield exist and each is calculated differently.

California’s fiscal picture remains strong, but its heavy reliance on income taxes tied to capital markets means the state could face unique risks if the AI boom reverses.