Q4 2025 Baird Chautauqua International and Global Growth Fund Commentary

Published on January 12, 2026

Looking ahead, we enter the new year with cautious optimism. Trade agreements have removed the most severe tail risks, but the underlying picture is mixed: inflation remains above target in the U.S., labor markets are softening, and central banks are no longer moving in unison. The key question for 2026 is whether the Fed can continue easing or whether persistent inflation forces a pause.

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The Bipolar Economy

January 12, 2026
The purpose of these forecasts isn’t pinpoint accuracy. Just getting the direction right is a challenge. I don’t have a crystal ball and neither does anyone else. But reviewing what might happen compels us to prepare for different scenarios – at least mentally. And often, mental preparation is half the battle.

America’s Retirement Outlook Is Getting Brighter

January 12, 2026
We find that roughly two in five Americans are on track to meet their retirement spending needs. But retirement readiness is not black and white. The typical American will have a $5,000 annual spending shortfall in retirement. That means possibly needing to cut back on spending, work a year or two longer, tap into home equity, or lean on family.