Podcast
Real Assets
Will Simpson and Greg Wise
June 20, 2026.
Why the physical economy matters in a world of inflation, higher rates, and global uncertainty.
Markets leaned risk-on in a holiday-shortened week for the U.S., with the Nasdaq leading the way higher at +3.6%. U.S. equities broadly outpaced Canada, with the S&P 500 up 2.1% and the Dow up 1.9%, while the TSX was essentially flat. International markets were also firm, led by MSCI EM at +5.5% and Japan at +5.0%. Under the surface, growth was back in charge, with U.S. Info Tech up 4.3% and Russell 2000 Growth up 3.7%, while Energy was the clear laggard on both sides of the border as oil continued to retreat.
The main macro story was the Fed, where Kevin Warsh’s first meeting as Chair landed more hawkish than markets had anticipated. Even though the Fed held rates steady, the lack of any real dovish signal, paired with higher inflation forecasts and a dot plot that still showed some appetite for hikes, pushed short-term yields higher.
On the geopolitical side, the U.S. and Iran signing a Memorandum of Understanding to halt the conflict helped calm the energy market, with WTI falling nearly 9% on the week. A meaningful de-escalation, but investors are not treating it as a full “all clear” just yet. For now, investors seem to be balancing the good news of lower oil and easing conflict risk against a Fed that is still in no rush to cut rates.
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