Taking the Pulse:
Market Perspectives From Our Investment Partners
Second Half 2026
Our recent survey finds our asset managers bullish but measured for late 2026, expecting steady inflation, broader equity participation and low recession risk. Key concerns include worries centered on Middle East escalation, energy prices, higher U.S. Treasury yields and AI valuation risk, while respondents prefer managers favoring liquid, transparent income sources over private credit as markets evolve.
52%
Rank escalation in the Middle East as a key concern
0%
Selected private credit as an attractive income opportunity
~50%
Feel 5% is the warning light yield for the 10-year U.S. Treasury
Source: American Beacon Advisors, Pulse Survey: Second Half 2026 Outlook; please see the full Pulse Survey for methodology.
“When they (sub-advisors) align as so many of them did around their concerns regarding the 10-year U.S. Treasury yield and risks of an AI unwind, it is worth noticing.”
Greg Stumm
President & CEO of American Beacon Partners and American Beacon Advisors.
Related Perspectives
These perspectives offer a closer look into how managers are reading the macroeconomic, market and policy landscape. They move from the Federal Reserve and Treasury yields to equities, AI and geopolitical risk, highlighting where consensus is forming and where uncertainty remains.
The Fed is trusted but not feared
Managers still trust the Fed, but they don’t fear it.
Warning lights around the 10-year U.S. Treasury
Yields cross a level respondents flagged months ago.
Steady as she goes: bullishness yes, euphoria no
Modest gains expected, with little sign of euphoria.
All-in on AI tools, wary of the AI trade
Heavy adoption, matched by rising bubble concerns.
Middle East conflict adds uncertainty
Escalation risk and energy prices top the worry list.
Previous Pulse & Perspectives: Archive
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Q1 2026
Pulse Survey: Taking the Pulse for 2026
Download PDF -
Q4 2025
Perspective: Why International Now
Download PDF
Get the full second half 2026 findings
Any opinions expressed, including economic and market forecasts, reflect the opinions of our Pulse Survey respondents, which may not reflect those of their firms, American Beacon Partners or American Beacon Advisors. The discussion herein is not intended to be a complete analysis of economic or market conditions and, therefore, should not be relied upon as investment advice. You should independently determine whether a particular product or service is suitable for your needs. This information will not be updated to reflect changes in economic or market conditions or the opinions of our Pulse Survey respondents, and the information herein may become inaccurate or outdated. All investing involves risk, including possible loss of principal.