Tax Refunds Supporting U.S. Households

Published on March 30, 2026

Rationally, no one should feel happy about an income tax refund. The refund is a correction of a tax overpayment; the recipient effectively gave the government an interest-free loan over the course of the prior year.

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Beyond 60/40: Four Opportunities to Improve Expected Real Returns

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Thanks to strong gains in markets over recent years, with many indices at or near record highs, the 60/40 default portfolio has quietly morphed into a bundle of expensive U.S. growth equities and credit exposures offering narrow spreads over Treasuries.

Markets and Economic Outlook Remain Constructive Amid Oil-Driven Narrative

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