An Oil Shock (Mostly) Like No Other

Published on October 7, 2026

Seven months into the U.S.–Iran conflict, few historical analogues have held. The trajectory of oil prices has been consistent with previous geopolitical shocks, but the market response elsewhere has looked strikingly different. U.S. Treasury yields have moved notably higher, for example, while credit spreads have remained remarkably resilient.

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Market Opportunities and Risks That Could Shape the Months Ahead

October 7, 2026
This year has marked another remarkable chapter for the global economy and financial markets. Investors have navigated no shortage of challenges, from geopolitical conflicts and trade tensions to elevated energy prices and shifting interest rate expectations. Yet despite these headwinds, the economy continues to expand, corporate earnings remain resilient and markets have steadily climbed the prov

Why Tight Credit Spreads Raise Risk for Bond Investors

October 7, 2026
Bond yields still look attractive, but investors are earning little extra for taking on corporate credit risk, according to Thornburg Investment Management.