A Changing Policy Backdrop Could Test Market Optimism

Published on September 1, 2026

In a week that saw NVIDIA, the largest company in the world, report strong earnings that sent its stock sharply higher and reinvigorated optimism in the artificial intelligence (AI) trade, fiscal and monetary policymakers continued to provide the biggest headlines.

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Vanguard’s First Index Fund Turns 50: Celebrating VFINX

September 1, 2026
As the month of August came to a close, the first index mutual fund got to celebrate a key milestone. The mutual fund in question is the Vanguard 500 Index Fund (VFINX), which originally launched on August 31, 1976.

Triple Mandate

September 1, 2026
A credit-allocation problem is complicating the Fed’s dual mandate, with current policy restrictive for many consumers and weaker borrowers, but less so for large corporates, higher-quality issuers, and borrowers with access to private credit. This uneven transmission increases the risk that the Fed must tolerate tighter financial conditions and more volatility before policy can ease without exten