The featured commentary weighs the Supreme Court’s tariff ruling against firmer inflation and slower growth, while highlighting farmland diversification
Weekly CIO commentary
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Core PCE rose 3.0% y/y; Q4 GDP slowed to +1.4% (vs +2.5% expected). Markets still price ~50bp of cuts by end-2026 as the curve shifts lower without steepening.
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Heightened volatility and rotation away from U.S. mega-cap growth argue for broader diversification.
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U.S. row crops delivered ~3.75% average income returns (2008–2025) with a Sharpe ratio of 3.31, offering inflation linkage and low stock/bond correlation.
Does real-asset income now compensate for policy ambiguity? The full note outlines portfolio implications.
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