September 2026 Market Update

August looked like a “risk-on” month on the surface, but the real story was the sorting happening underneath it.

The cycle has moved into late-cycle expansion: growth is re-accelerating, and credit is pricing in almost no risk, yet labor and the consumer are flashing early warnings. Payrolls turned negative for the first time this year even as unemployment fell, a combination that only makes sense if the workforce is shrinking. The market also got pickier about the AI trade, rewarding names with real revenue while story-driven high-flyers lost up to a third of their value in a green month. Energy ran again, gold posted its best month since 2020, and a hawkish Fed held rates steady while signaling policy remains too loose.

Our September 2026 Market & Economic Review breaks it all down, including our late-cycle scorecard, the August equity rotation, the bond market’s wall of fear, and three key takeaways from our Centralized Investment Committee.

Read the full report below.

The commentary, data, and visuals provided are not intended to be investment advice. Please seek the advice of an independent financial advisor for your personal financial decisions.