Q3 2026
Welcome to the Quarterly Investment Outlook. Formerly published as Vantage Point, the Quarterly Investment Outlook brings you the same forward-looking perspectives and investment insights in a more concise, easier-to-read format.
REPORT | MARKETS & ECONOMY
Powerful structural forces – AI‑driven innovation, infrastructure transformation, and shifting credit dynamics – are reshaping today’s investment landscape. We think investors require a more deliberate, adaptive approach to portfolio construction.
At the Table with BNY Experts
BNY experts discuss how geopolitical tension, higher energy prices and AI are shaping global growth, inflation and central bank policy.
Article | Fixed Income
In the current environment, municipal (muni) bonds can potentially offer a combination of income, tax benefits, and price appreciation.
Chart of the Week | Economy
Inflation has jumped since the Strait of Hormuz closed, squeezing consumers through higher gas and utility bills and pressuring businesses with higher freight and operating costs. Yet, longer-term inflation expectations remain contained, suggesting this looks more like a temporary energy shock than a lasting inflation upswing.
Chart of the Week | Economy
May’s jobs report showed a labor market that is improving, with payroll growth exceeding expectations and layoffs down sharply from last year. Steady hiring and fewer layoffs should continue to support consumer spending and U.S. economic growth.
Article | Economy
Tension in the Middle East is thrusting energy security to the forefront of sovereign risk, alongside growth and debt. We examine the fault lines in global energy, food and water systems — and the potential implications for sovereigns and companies.
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