π Schroders: Growth Holds Steady in July, But Fiscal Strain Raises Bond-Market Risk
β’ US growth remains resilient β strong capex spending and earnings are giving markets momentum into 2026; trends look stretched, but Schroders says valuations aren't yet egregious.
β’ Building risk: fiscal strain in the US and elsewhere means the bond market could become the catalyst for a correction.
β’ "We are seeing some signs of froth in the market, and even AI leaders are talking about bubbles" β Schroders says this risk needs managing at the stock level.
β’ Over a 30-year horizon, equities are still projected to beat bonds, though the margin of outperformance has narrowed.
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