Resolving the Trade Emergency

Published on May 13, 2026

A tariff is a tax on the value of an imported good, paid by the importer at the time the good is taken from an entry port. The tariff is absorbed in some combination of price concessions by the exporter, lower margins for the importer or higher final prices.

Continue reading on website
Other news

Private Assets in Target-Date Funds: A Balanced Assessment

May 13, 2026
Access to private equity, private credit, private infrastructure, and private real estate assets can potentially improve long-term investment outcomes for participants.

Daily Pricing Is Not Daily Liquidity

May 13, 2026
Within private credit, attempts to increase liquidity – the ability to buy or sell an asset quickly, in size, and at prices reflecting fundamental values – are welcome developments, in our view. Yet until these efforts address the market’s inherent structural constraints, including a lack of true price discovery, they will only increase the perception of liquidity without truly improving liquidity