The End (of QT) is Nigh

Published on October 23, 2025

While markets have been focused on the expected trajectory of short-term interest rates through Federal Reserve (Fed) rate cut expectations, the Fed’s balance sheet has recently come into focus as well.

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Asset Allocation Summit: Northern Trust Justifies Mounting Muni Interest

October 23, 2025
Northern Trust Asset Management provided justification for the mounting interest in munis in the fixed income space.

A Second Opinion on the 60/40 Default

October 23, 2025
The de facto “passive” allocation of 60% equities/40% bonds has proven effective at compounding wealth over time by tapping into two key risk premia: the equity risk premium earned by underwriting the risk of an economic growth shock and an inflation risk premium received for bearing the risk of surprise inflation.