Well, we’ve made it through one very interesting year: Changes in US tariff policy have upended long-standing global trade norms; fears of stagflation (combined economic stagnation and elevated inflation) have lingered but so far failed to materialize; the longest government shutdown on record has left us without key economic data; and excitement about generative artificial intelligence (GenAI) has spurred financial markets’ enthusiasm to new heights and raised both utopian and dystopian expectations. And these are just the highlights. What do we make of all this, and what should we expect in 2026 for the economy and ... (full story)