Latest Financial News & Insights

3Q 2026 Market Update

Admin — Fri, 16 Oct 2026 16:30:00 GMT

As we head into the final quarter of 2026, the U.S. economy is at an interesting crossroads. Inflation has shown little progress this year, the labor market has held steady for more than a year, and the consumer has shrugged off high prices, buoyed by an equity market on track for its fourth straight year of double-digit gains. The Federal Reserve has faced a challenging policy environment, and reinitiated increasing rates to reignite the battle against inflation, though with a new Fed chair. With the holiday season ahead and interest rates still restrictive, we believe the next few months will offer important clues regarding the outlook of the overall economy as we look forward to 2027.

Three Things You Didn’t Know About Your Retirement Paycheck

Kristen E. Jackson — Thu, 01 Oct 2026 13:15:00 GMT

Throughout your working life, your paycheck has most likely been turnkey. When you’re paid, taxes are withheld, and the amount is predictable enough that you stop thinking about it. For salaried earners, this will happen bi-weekly, and in some cases monthly, for years and years. Then retirement arrives. Even some of our most longstanding clients ask a version of the same question.

The Most Important Financial Decade for Physicians: Making the Years Between 45 and 55 Count

Grant Street — Mon, 14 Sep 2026 04:00:00 GMT

If you're a physician in your late 40s, you've already done the hard part. You trained for a decade. You built a practice or climbed to the top of your specialty. And you've been a diligent saver the whole way.

Here's something that surprises a lot of the doctors we work with: the biggest financial mistakes we see successful physicians make almost never come from saving too little. They come from owning a dozen good decisions that were each made on their own, with nobody connecting them.

Something Shifts in Your Mid-40s

For most specialists, income is climbing while the big liabilities start falling away. The student loans are gone or nearly gone. The house is further along. The kids' biggest expenses are either behind you or clearly in view. All of that means your capacity to save jumps, sometimes dramatically.

At the same time, the assets you've been quietly building for the last 15 to 20 years have started to add up across a lot of different accounts. It's not uncommon for families to have a handful of plans from old employers floating around.

So the question changes. For years it was: Am I putting enough away? Now the real question becomes: Do all of these accounts actually work together toward my future, or do they feel more like a collection of odds and ends left over from my financial past?

Building a Stronger Financial Bridge

In Pittsburgh, we're known as the City of Bridges, so this image comes naturally to us. Picture a bridge carrying your family from where you are today to where you want to end up.

A bridge like that doesn't stand on one pillar. For most physicians, it comes down to three, and they all have to share the load. You can look at them one at a time, but the whole point is that they work together. Put too much weight on any one pillar, and the whole bridge starts to strain.

Pillar One: Financial Independence

We're careful not to say "retirement" here, because for a lot of physicians the goal isn't to stop. The goal is to reach a point where you're practicing because you want to, not because you have to.

This is the pillar that answers questions like: When do I have the freedom to step away? Can I go part-time so I can shift some of my time toward family or other priorities?

Those questions aren't unique to physicians. What is unique is the sheer number of savings vehicles offered through your employers and elsewhere: qualified plans, cash balance plans, tax-deferred savings, health savings accounts, and Roth strategies. The work is getting these pieces pointed toward long-term growth so they create real freedom in your future. Financial freedom is the prize here, not a finish line.

Pillar Two: Liquidity

This is the pillar we see neglected the most often. A physician can look fantastic on paper from a net worth perspective, but almost everything ends up locked away until age 59½.

We call it being net worth rich and liquidity poor.

Part of the work is deliberately building wealth you can actually reach today: taxable accounts, cash reserves, real estate, and other capital you can move on when an opportunity presents itself. Not every dollar belongs behind a retirement wall.

Pillar Three: Protection

Building wealth and protecting wealth are two different disciplines, and physicians carry liability exposure that most people simply don't. That's often why doctors hold the majority of their savings inside retirement plans, which tend to be protected from liability.

There are ways to balance protection and liquidity: umbrella coverage, how assets are titled, trust planning, the way real estate is owned and registered, and your estate plan. These pieces need to coordinate to build the most protection for your family. You spent 20 years building your wealth. It deserves a thoughtful plan to keep it.

The Foundation: Your Tax Picture

There's one more thing, and it's what the whole bridge is anchored to. Each of those three pillars is rooted in the same ground, and that is your tax picture. If we get the anchoring wrong, it doesn't much matter how strong the pillars are.

The mistake we see is aiming to pay the least amount of tax this year. That's the short game. What we're after is tax efficiency measured across your lifetime, balancing tax-deferred, tax-free, and taxable money so you have flexibility today, later in life, and for your estate to pass on the way you intend.

How a Plan Gets Derailed

It's rarely one bad decision. More often, the retirement accounts got set up over here, the brokerage accounts over there, the real estate with one person, the insurance with another, and nobody ever sat down to make sure all the pieces were pulling in the same direction.

That's the role we play at Grant Street. Our advisors are members of our investment committee, so the advisor who knows your long-term plan and all your moving pieces also knows why every position is in your portfolio. Every dollar in your net worth, whether it's under our management or held elsewhere, is held accountable to a level of return and risk that fits your plan. We act as an outsourced chief investment officer and chief financial officer for your family, watching the pieces that tend to fall through the cracks.

The Takeaway: Timing

For a lot of specialists, the decade between 45 and 55 is the single best window you'll get to shape what comes next. The income is there, the debts are easing, and there's still plenty of runway for small adjustments to make a meaningful difference down the road.

The goal is not simply a bigger balance sheet. It's a framework where financial independence, liquidity, and protection carry the load together, all of it anchored by smart tax planning for today and the years ahead. When those pieces work together, your wealth stops being a disjointed list of accounts and becomes a tool for freedom, flexibility, and the legacy you want to leave.

That's the reason my father started Grant Street more than 30 years ago, and why our team continues this work today. It's the basis for our tagline: Growing Legacies and Guiding Generations.

We’re happy to discuss any worries you may have about your own pieces fitting together. Reach out and we’ll set up a conversation.

New Safeguards for Older Investors: The Financial Exploitation Prevention Act and What It Could Mean

Grant Street — Wed, 02 Sep 2026 04:00:00 GMT

Fraud targeting older Americans has been on the rise keeps rising year after year, and technology is a big reason why. Scammers can now use AI-generated voices and spoofed caller IDs to impersonate as government agencies, tech support, or even a relative in trouble, which leaves trusting seniors exposed.

Recent legislation has attempted to create additional safeguards. On June 25, 2026, the U.S. House of Representatives took aim at preventing further fraud by passing the Financial Exploitation Prevention Act of 2025 (H.R. 2478) by a vote of 414 to 2.

I've spent over 27 years working alongside clients at every stage of retirement, from the people just starting to picture life after work to those well into the withdrawal years. I see this bill as a win for advisors and the families we serve.

A Bipartisan Response to a Growing Problem

The problem has become hard to ignore. Anna Sulkin Stern recently reported on this on WealthManagement.com, noting that according to the FBI Internet Crime Complaint Center, individuals age 60 and older lost over $7.7 billion to scams in 2025, a 59% increase from the previous year (and many more go unreported).

With roughly 10,000 Americans are turning 65 every day and as many as one-in-five older investors touched by some form of fraud, the safeguards in this bill are both timely and necessary.

How the Bill Protects Certain Adults

Before its passage, advisors faced a difficult choice when they suspected a withdrawal request was the result of fraud or undue influence. Delaying a transaction could leave advisors exposed to potential liability, while processing it could put the client’s assets at risk.

The new legislation provides advisors with a 15-day window to pause suspicious transactions while they investigate, with an additional 10-day extension available if exploitation is confirmed.

The protections are intended for "specified adults" -- people aged 65 or older and vulnerable adults whose mental or physical impairments limit their ability to protect their own interests. The standard is a reasonable belief of exploitation (not just a hunch), which keeps legitimate transactions from getting caught up in unnecessary delays.

Why Advisors Are Sometimes the First to Notice Unusual Activity

Investment advisors often have longstanding relationships with their clients and are uniquely positioned to recognize when a financial request is out of the ordinary. Some of the signals might include a withdrawal that doesn't fit the pattern, a new "friend" suddenly involved in decisions, or pressure to move money quickly. These are signs that a longtime advisor could pick up on.

The ability to temporarily pause a suspicious redemption request while confirming its legitimacy may help prevent further losses from financial exploitation, which has cost older Americans billions of dollars.

Real Protection Should Start Before Anything Goes Wrong

Planning ahead could be even more important than a potential 15-day pause. Actions to take include naming a trusted contact who has permission to ask for and to provide financial information and talking candidly about how financial decisions should be handled if you or a loved one experiences cognitive decline or illness.

Those conversations aren't the easiest ones to start, but they’re extremely important when your intent is to protect yourself, a loved one, or your legacy.

Reach out to Grant Street Asset Management if you’d like to have a conversation about reviewing your plan, naming a trusted contact, or talking through how we can help you watch for warning signs.

🔗To read the full article from WealthManagement.com, click here

Halfway Through the Year: Your Portfolio Deserves a Second Look

Grant Street — Wed, 05 Aug 2026 04:00:00 GMT

CNBC's Darla Mercado recently asked our President & CEO, Kristen Jackson, CFA, what investors should be paying attention to with the year about half over. Her short answer was that a lot has shifted since January, and the people who haven't revisited their portfolios since then are looking at a very different picture than they think.

We wanted to expand on that here, both the points Darla included and a few that didn't make the article.

The picture changed, and most people haven't looked

The S&P 500 is up almost 8% so far this year, even with inflation worries, geopolitical tension, and a lot of back-and-forth over interest rate policy. That resilience is easy to take comfort in. It's also a reason people leave their portfolios alone, which can be a mistake.

At the start of the year, investors expected rate cuts. Now Fed funds futures point to a potential chance of a hike in September. As Kristen put it to Darla, "Certainly, a lot has changed since January, and if you haven't touched things since then, we now have a much different picture today than it was then."

That's not a reason to panic. It's a reason to check in.

Fixed income, and the trap of chasing yield

This is where Kristen spent most of her conversation with Darla, and it's an area we think a lot about for clients.

Short-duration instruments are paying tempting yields right now without much interest rate risk, and it's easy to see why people park money there. But going too short can cost you in other ways, and going too long exposes you to price declines if rates rise. Here at Grant Street, we have kept client duration in the mid-range for much of this year, but that’s a moving target we address weekly as the environment shifts. This approach gives you room to benefit from income and some price appreciation without reaching so far out that you get hurt in a rising rate environment.

One point Kristen raised that's easy to overlook: yield is only part of the story. If you chase a high headline number and ignore price risk, you can end up worse off than you would've been sitting in cash. We look at total return, which is the yield plus price movement of a bond to evaluate the contribution to the portfolio.

She also talked with Darla about using equity-linked derivative strategies as a fixed income substitute in certain situations. Our philosophy on fixed income is that it should be defensive relative to the swings of the stock market. That philosophy enables us to think outside the box on other "defensive” positions like the equity-linked derivative strategies to capture more upside return with a strong downside protection built in. It's a more nuanced approach than most investors hear about, and it's a good example of why the fixed income conversation rarely has a one-size answer. The right structure depends on the client and the best risk-reward returns we can capture for their long-term goals

Rebalancing, before the gains rebalance you

If you've held the AI names this year, some of them have run up enormous gains. Names like Sandisk and Micron are up several hundred percent in 2026. That's great, until those positions quietly become a much larger share of your portfolio than you intended.

When a handful of names dominate your equity allocation, your downside risk is concentrated in a way that's easy to ignore on the way up and painful on the way down. Trimming some of those winners and redeploying into less-crowded parts of the market, midcaps, small caps, companies outside the U.S., gives you diversification that helps when the market leadership shifts.

Taxes aren't just a December problem

Tax-loss harvesting tends to get pushed to Q4, but that leaves money on the table. If you're sitting on losses from the volatility earlier this year, those can be used now to offset gains realized elsewhere.

One caution worth keeping in mind is the wash-sale rule. If you sell something at a loss and buy back something substantially identical within 30 days on either side, the IRS can disallow the deduction. And for anyone in a lower-income year, there can be a case for harvesting gains rather than losses, sometimes at a 0% rate. These are the kinds of details we work through with clients individually, because the right move depends entirely on your situation.

The thread running through all of it

None of this is about timing the market or reacting to headlines. It's about making sure your portfolio still reflects your goals and your risk appetite after six months of change. That's the work we do with clients all year, not just when something prompts a news story.

🔗To read the full CNBC article, click here

2Q 2026 Market Update

Grant Street — Wed, 22 Jul 2026 04:00:00 GMT

July 22, 2026

The second quarter of 2026 was eventful to say the least. Equities had their best quarterly performance in six years, coming off a challenging February and March, a war with Iran surged oil prices, the US dollar strengthened, and inflation remained elevated compared to early-year expectations. As we move toward the second half of the year, investors are likely to balance optimism for continued market strength with a watchful eye towards a new Fed Chairman, potential interest rate hikes and elevated equity valuations. The mid-term elections in November also have the potential to influence markets, but historically these fluctuations are temporary noise until the election dust has settled.

Geopolitical tensions in the Middle East have remained an important backdrop for markets, with flare-ups in the region contributing to volatile energy prices. These energy fluctuations have increased headline inflation, temporarily reversing the progress seen over the past twelve months. Energy prices remain a key factor for inflation and could influence future policy decisions from the Federal Reserve in the second half of the year.

The Personal Consumption Expenditures (PCE) Price Index is the Federal Reserve's preferred measure of inflation. The Fed has a PCE inflation target of 2%, though this measurement hasn’t been at or below 2.0% for more than five years. Following a brief cease-fire with Iran, crude oil prices nearly returned to levels seen prior to the conflict. Oil prices closed the quarter at around $70 per barrel, which is down 42% from the high point for the year at around $120 per barrel. Consumers have shared in a portion of that price-easing at the pump recenly, as gas prices have declined 14% from highs.

The strong labor market has helped consumers battle higher prices at the pump. After a lackluster 2025, in which only 116,000 total jobs were added, the Fed projected 2026 would echo the same sentiment. As a result, the Fed was messaging a plan to cut rates in 2026 to help keep the economy from going into a recession. However, this year’s job growth has exceeded expectations. The US employment picture has strengthened during the first half of 2026, adding on average 92,000 jobs per month. The unemployment rate fell to 4.2% in June, down from 4.5% last November. The recent reading also matches the average for the five years preceding the covid pandemic, indicating we have reached a more normalized labor environment.

Considering the status of higher inflation and a resilient labor market, the Fed voted to keep rates unchanged at a range of 3.5% to 3.75% during their June meeting. This was a unanimous decision and widely expected. However, the outlook for policymakers is murky for the second half of 2026, as half of the Fed policymakers expect higher rates by the end of 2026. Many projections indicate at least one rate hike towards the end of the year. It is important to note that while rates seem elevated, they are not high enough to keep the economy from growing. Elevated real rates tend to coincide with a healthy economy rather than a fragile one.

While economic growth has moderated from the rapid pace of recent years, the economy remains fundamentally healthy; neither overheating nor slipping into recession. Investors have shifted their attention to the quality of corporate earnings, profitability, and cash flows. These are the factors that truly drive stock prices long-term. As a result, equity markets delivered an exceptionally strong second quarter, driven by strong corporate fundamentals and continued exuberance for artificial intelligence. The S&P 500 saw double-digit earnings growth and gained more than 15%. At this current rate, US equities may be on track for the fourth year in a row of double-digit returns, a record unseen since the 1990s. The positive equity performance was broadly based across market caps and sectors as shown in the table below:

The fundamental outlook for equities remains consistent and supportive of growth. Second quarter earnings are projected to increase across every sector of the S&P 500, and profit margins are forecast to reach nearly 14%, a potential record. This growth reflects the ability of companies to maintain pricing power and benefit from ongoing investments in technology and automation. Artificial intelligence remains a key driver of capital spending across the technology, semiconductor, industrial, and infrastructure sectors, providing tailwinds for both earnings growth and long-term productivity. The GSAM Investment Committee believes that within equities, the most significant risk to current prices is a derailing of the AI-investment thesis, and this is a threat we are monitoring. That said, the broad-based growth across sectors, cap size and industries that we have seen over recent quarters is a positive sign that the growth is less concentrated than in recent years, a healthy market signal.

Fixed income markets produced modest but positive returns during the second quarter as interest rates remained relatively stable. Core investment-grade bonds and Treasury securities returned 0.1% during the quarter. Higher-yielding sectors continued to provide the strongest source of return, with high-yield corporate bonds gaining 2.5% during the quarter.

Short-term bonds have outperformed longer-duration bonds year-to-date because they are largely insulated from interest rate fluctuations and continue to benefit from elevated short-term yields. Longer-term bonds, by contrast, are more sensitive to changes in interest rates. While fixed income returns have understandably lagged the impressive gains produced by equities, bonds continue to fulfill their role of providing portfolio diversification, income, and stability amid evolving market conditions.

For fixed income investors, current yields remain attractive by historical standards and provide an important source of stability and diversification should economic growth moderate. However, it is worth noting long-term Treasuries are on pace for one of their weakest decades on record. As a result, it has been beneficial to explore defensive alternatives that maintain a similar low-risk profile. Equity buffer strategies can further enhance portfolio resilience with measured downside protection coupled with upside gains well in excess of traditional bonds. The GSAM Investment Committee has utilized these defensive alternatives to add meaningful risk-adjusted returns to portfolios in recent years, and we continue to appreciate the risk-reward profile that they provide for our clients.

The committee was active in client portfolios during the second quarter with shifts in overall equity allocation. We reduced our long-standing overweight to the health care sector, as the future earnings growth in the sector has deteriorated relative to other sectors, especially as AI commands more of the market. While the weighting of the technology sector within the S&P 500 has reached nearly 38%, we remain more diversified than the passive index. This positioning has proven to be beneficial in periods of downward shocks, such as February and March of this year. We also swapped a long-held active deep-value international strategy for a new core international ETF due to a trend of underperformance. The new strategy should provide more stable returns as well as better tax efficiency. These adjustments represent incremental enhancements rather than significant shifts and are consistent with our disciplined process.

As we enter the second half of 2026, the investment landscape remains constructive, although investors should anticipate periods of increased volatility following such a strong first half of the year and a potentially dynamic mid-term election cycle. Market expectations have risen alongside corporate earnings, leaving less room for disappointment. Even so, the underlying drivers of the current bull market remain intact. Economic growth continues at a sustainable pace, inflation has moderated considerably from its peak, labor markets remain healthy, and corporate profitability continues to surprise to the upside. The GSAM Investment Committee remains focused on economic data, market fundamentals and thoughtfully positioned client portfolios to support clients’ long-term goals. We are grateful for your continued trust and partnership.

Sincerely,

The Grant Street Asset Management Investment Committee

Spring Cleaning for Your Finances: Five Easy Steps

Grant Street — Wed, 20 May 2026 04:00:00 GMT

by Landon W. Buzzerd, CFP

As the warm spring weather approaches, many people will engage in annual spring cleaning. That may include planting flowers, cleaning areas of the house that are often neglected, or digging out clothing and household items that have been packed away for months. However, spring cleaning should also involve your finances. Planting seeds for future growth, tidying up your budget, and revisiting old investment accounts are a few parallels to the usual tasks. Reviewing these items on an annual basis can provide clarity to your overall wealth picture. Here are the top five items to include in your financial spring cleaning:

1. Take Care of Your Taxes

If you have yet to file your taxes, move this item to the top of your list. You can still use this time until the tax deadline to make IRA contributions for 2025. Alternatively, if you have completed your taxes and were caught off guard by the amount you owed or were refunded, review your W-4 form to adjust your tax withholdings and avoid any surprises next year. Many people enjoy receiving a refund, but this is actually the equivalent of providing the IRS with an interest-free loan. They were able to keep your earnings and pay them back to you later. If you're self-employed or have side income, taxes are not withheld from your pay as they are with W-2 income. Consider setting aside an appropriate percentage of your self-employment earning for taxes to avoid having to dip into your emergency fund to pay your tax bill.

2. Consolidate Investment Accounts

If you have ever made a career change, you may have had a retirement plan with your previous employer that you were unsure how to handle. Many ex-employees leave their retirement plan with their previous employer because it’s easy to do so and they don’t know the options available to them. This results in an account that is often ignored, not rebalanced, and almost certainly not integrated into your overall strategy as an investor. Additionally, it requires keeping track of yet another statement or login to check the current balance instead of being incorporated with other investment accounts you may have. Consolidating those old retirement plans should be at the top of your to-do list, and you may be able to merge your old retirement plans into an existing IRA. Some advisors may even be able to incorporate your current workplace retirement plan into your overall investment strategy. In most cases, a 401k or 403b you're currently contributing to is your largest investment asset and with our holistic approach at Grant Street, we can link this account to help monitor and report on positioning while managing the portfolio. Working with an experienced wealth advisory team to accomplish this consolidation effort can help simplify your overall financial picture.

3. Update/Create a Budget

Understanding where your money is going is the first step in managing it. There are various apps available that make creating a budget very easy, but a simple spreadsheet also works just fine. Take note of how income and expenses have changed since you last visited your budget and determine where revisions may be necessary. Remember to pay yourself first. Establishing automatic deposits to your savings and investment accounts can help you stay disciplined in your wealth building journey. We recommend saving at least 15% of your gross income across retirement, taxable, and savings accounts. This amount could be higher if you are anticipating a large purchase in the near future, such as a home. Contribution limits for 2026 have increased for most types of retirement plans. For example, the maximum employee contribution for a 401(k) this year is $24,500. If you are age 50 or older, you are eligible to contribute an additional $8,000 for a total contribution of $32,500. Lastly, the super-catch-up allows those ages 60-63 to contribute $11,250 instead of just $8,000, for a total contribution of $35,750. If you have not updated your 401(k) contributions yet, be sure to check that your current contribution rate aligns with your goals. If your employer offers a match, you should contribute at least enough to maximize that benefit.

4. Revisit Your Emergency Fund

After you have addressed your new budget and determined your overall expenses, including your savings goals, you should revisit your emergency cash stash. The purpose of an emergency fund is to provide a safety net, or buffer, that will protect you from unexpected costs and prevent the impulse to take on additional debt in a pinch. A rule of thumb for this fund is 3-6 months' worth of essential living expenses, which includes housing, utilities, groceries, transportation, and outstanding debt repayments. Your emergency fund should be in a checking account or even a high-yield savings account, so it is easily accessible and not subject to market fluctuations.

5. Review Your Debt Repayment Plan

If you are in a situation where you need to tap into your emergency fund to supplement your living expenses, ensure you can at least make the minimum required payment on those loans. This will help you avoid late fees and penalties, while keeping your credit score intact. However, if you have additional income beyond your expenses and you are trying to determine the best place for that surplus cash, consider the interest rate on your debt versus what you may be able to earn elsewhere such as stocks or bonds. For example, if you are currently paying extra toward your monthly mortgage, which may have a rate below 4%, it may be prudent to invest that surplus into stocks to potentially earn a greater return on those additional funds. While reviewing the interest rates on various sources of debt (mortgage, auto, student loans, etc.), research current market interest rates to determine if you would benefit from refinancing those loans. You may even be able to consolidate your debt into one loan.

For over 33 years, Grant Street has served as a strategic wealth advisory partner to clients across the country. By taking the time to understand each client’s unique needs and aspirations, we customize personalized strategies that align with their long-term vision. Whether it's saving for retirement, purchasing a home, or managing debt, the key is to guide clients through every step of their financial journey with the right tools, resources, and support. At Grant Street, our goal is to empower our clients to make informed decisions, stay focused, and ultimately achieve financial success and peace of mind.

📞 (412) 257-8060 | ✉️ advisors@gsaminc.com

1Q 2026 Market Update

Grant Street — Thu, 16 Apr 2026 04:00:00 GMT

April 16, 2026

The first quarter of 2026 has been marked by elevated geopolitical tensions, a continuation of stable inflation, interest rates and a steady labor market, but uncertainty abounds when considering how each of these may progress throughout the remainder of the year. These economic variables combined with a U.S. mid-term election cycle later this year and increased market volatility have raised investor unease similar to what was felt in April 2025 when tariffs were announced. While the environment remains complex, it is important to recognize the economy has been relatively stable and fostered modest growth in recent years. Therefore, an uptick in market volatility, while uncomfortable, may present opportunities for investors to reposition portfolios to better manage risk and upside potential.

On the U.S. economy, inflation continues to be one of the most closely watched indicators to understand just how strong and stable the environment really is. Although first-quarter inflation remains near multi-year lows, progress has been uneven across sectors as surging energy prices, especially gasoline, are driving a short-term spike in headline inflation. The conflict in Iran has driven a sharp surge in energy costs, with oil prices jumping about 55% since the conflict began just over a month ago. This pushed U.S. gas prices from under $3 per gallon to over $4, the fastest monthly increase in two decades. Energy shocks tend to be challenging for the economy because they can be both recessionary and inflationary. Higher energy costs take a larger share of household disposable income, leaving less available to spend on things other than staples (i.e. rent, groceries, etc.). This spike in energy prices is expected to drive inflation upwards, at least over the short-term. A prolonged period of elevated inflation could slow economic growth if sustained, as higher fuel costs ripple through transportation, production, and consumer prices. As a result, interest rate policy by the Federal Reserve (“the Fed”) has remained restrictive, as they held rates steady at their most recent March meeting and signaled a cautious stance that will continue to be data-dependent moving forward. Markets have adjusted expectations accordingly, with fewer anticipated rate cuts in the near term than initially projected heading into 2026.

The other half of the Fed’s dual mandate of promoting a stable economic environment is to maintain a healthy level of employment, which has been a strength of the overall economy over the past half decade. The unemployment rate has fluctuated between 4.0% and 4.5% for the last two years, which is relatively low by historical standards (the 30-year average hovers around 5.5%) and widely considered a very sustainable rate. Although the labor market has shown continued strength, there are emerging signs of gradual cooling. Job openings and job creation have declined from recent peaks. Job growth has stalled, with the average monthly gains at 13,000 over the past year, compared to gains at 89,000 a month over the comparable period a year earlier. Though job creation remains positive, the majority of job gains have been somewhat concentrated in the medical and hospitality sectors over the past twelve months. Continued job gains may be largely dependent on interest rate decisions by the Fed, as well as the degree of utilization for artificial intelligence.

Consumer spending continues to be the primary driver of U.S. GDP growth and remains solid, yet increasingly concentrated among higher-income households, making overall economic growth more fragile and heavily dependent on wealthier consumers. Stock market and home prices are up sharply in recent years, which has likely driven higher-earning consumers to feel more comfortable with continued spending. However, if a pullback in equity markets is sustained over a few quarters, lower portfolio values on paper may have a negative impact on the consumer spending growth on the upper end of the income spectrum. Additionally, there are indications that households more broadly are becoming selective with spending, particularly as higher borrowing costs and reduced savings levels weigh on discretionary spending. At the same time, rising delinquencies on credit cards, auto loans, and student debt signal growing financial stress among lower- and middle-income households, suggesting potential downside risks to future spending. This marks a shift from the robust consumption trends observed in previous quarters.

Against this macroeconomic backdrop, equity markets have experienced increased volatility and a slight pullback in prices, depending on where you look. Although markets have been choppier to start the year than we saw the last couple years, fundamentals still support continued growth and more favorable valuations may prove to be a potentially advantageous long-term entry point. Refer to the data table below for a comparison of performance across various indices:

For equity markets, the first quarter of 2026 marked the weakest quarter since 2022, a notable shift in momentum following strong performance throughout 2025. U.S. large-cap equities, as measured by the S&P 500, declined approximately 4.3% during the quarter and at one point were down as much as 7% from recent highs. This pullback was driven by a combination of geopolitical instability, rising energy prices, and shifting expectations around Federal Reserve policy. Equity market performance revealed increasing dispersion and a rotation away from mega-cap growth. While large-cap indices declined, mid- and small-cap stocks showed relative resilience, suggesting a broadening of market leadership. Mid- and small-cap companies have lagged large-cap stocks over the last few years as interest rates have been elevated but they stand to benefit more from a reduction in interest rates when additional cuts eventually occur. As a reminder, smaller companies tend to benefit disproportionately from lower borrowing costs and improving domestic economic conditions as they are more domestically focused and less exposed to global trade headwinds than larger companies. Additionally, the mid- and small-cap indices are more diversified with an increased weighting to industrials and financials while being less reliant on the technology sector. This diversification is important as not all mid- and small-cap companies are equal, so it matters what you own. For example, as much as 40% of companies included in the Russell 2000 index are unprofitable, yet many of those names have enjoyed strong returns recently. Conversely, fundamentals across large-cap stocks remained solid, with S&P 500 companies projected to deliver approximately 13% year-over-year earnings growth for Q1, marking the sixth consecutive quarter of double-digit growth. This divergence between strong corporate earnings and weakening price performance suggests that valuation compression, rather than deteriorating fundamentals, has been the primary driver of recent equity weakness.

In the fixed income arena, investors experienced volatile 10-year U.S. treasury yields which fell below 4% in February before rebounding toward the mid-4% range to end the quarter amid renewed inflation concerns and rising oil prices. This compares to late 2025 trends, when yields had been stable or declining, providing a tailwind for bond returns. Notably, the traditional role of bonds as a hedge against equity volatility weakened during the quarter, with both asset classes coming under pressure. As a result of the increase in rates for longer-dated maturities, short-term bonds, as measured by 3-month T-bills, fared better through the quarter. However, over the past year, much of the bond performance has been relatively similar across different types and maturities as shown in the table above. Investors are still being compensated for taking additional risk in high-yield bonds, but not to the extent we’ve historically seen as spreads have compressed. Looking ahead, the trajectory of inflation and central bank policy will remain critical determinants of bond market performance, particularly as investors reassess the timing and magnitude of potential rate cuts relative to earlier expectations.

The Grant Street Investment Committee remains active on the defensive side of client portfolios. As a result of increased stock-bond correlation, we have continued seeking strategies that provide a similar risk profile to that of traditional core bonds while maintaining the opportunity for greater upside potential. The most intriguing strategy we recently implemented is designed to generate positive returns in both rising and falling markets, as we experienced this past quarter. The low correlation provided by this strategy makes it an ideal complement to a balanced portfolio. Our disciplined approach emphasizes diversification, risk management, and a focus on fundamentals. Within equities, we continue to reap the benefits of our diversified approach, owning high-quality equities while maintaining allocations across the capitalization spectrum and across the globe. In a market environment such as the one experienced in the first quarter, it is crucial to maintain a balanced exposure to a variation of equities to mitigate the impact of volatility and future uncertainty.

As we move into the second quarter, several key themes will remain in focus: the trajectory of inflation, the timing and magnitude of potential monetary policy adjustments, and the durability of economic growth. While uncertainty may persist, the overall picture of the economy is one of gradual normalization. We recognize that periods like these can raise questions and concerns. Our investment committee remains vigilant in analyzing macroeconomic data, monitoring market developments, and adjusting portfolios as needed to align with long-term objectives. We are grateful for your continued trust and partnership.

Sincerely,

The Grant Street Asset Management Investment Committee

Tax-efficient Investing in Practice: Strategies Every High-Net-Worth Investor Should Know

Grant Street — Wed, 01 Apr 2026 04:00:00 GMT

Updated: Aug 4

April 2026

For individual investors, taxes are often one of the largest—but most overlooked—factors affecting long-term portfolio performance. While investment decisions tend to focus on returns, risk, and diversification, the way those returns are taxed can materially influence what investors ultimately keep in their wallets. By implementing a tax strategy throughout the year, investors can potentially improve after-tax outcomes without changing their overall investment goals. Thoughtful tax planning is not about chasing loopholes, it is about structuring your financial life in a way that keeps more of what you earn working for you.

Three areas that deserve particular attention are tax-loss harvesting, the tax efficiency of exchange-traded funds (ETFs), and the type of income distributions generated by funds.

The Value of Active Tax-Loss Harvesting: Turning Volatility into Opportunity

Tax-loss harvesting is the practice of selling an investment that has declined in value to realize a capital loss. That loss can then be used to offset realized capital gains elsewhere in a portfolio, reducing the investor’s tax liability. If losses exceed gains, they may often be carried forward to potentially offset portfolio gains in the future.

While many investors think about tax-loss harvesting only near year-end, opportunities can arise at any point during the year as markets fluctuate. By monitoring portfolios regularly, investors may be able to capture losses during temporary market declines while maintaining market exposure. Investors should be mindful of the wash-sale rule prior to reinvesting sale proceeds. Violating the wash sale rule disallows the loss harvested and occurs when buying the same or a “substantially identical” investment within 30 days before or after selling it for a loss. Active tax loss harvesting allows investors to stay invested while still benefiting from the realized loss. Over time, systematically harvesting losses can create a pool of tax assets that help offset future gains.

Why ETFs Are Often More Tax Efficient

Another key tax consideration involves the investment vehicle itself. Exchange-traded funds are generally considered more tax efficient than traditional mutual funds, largely because of their structure. Given the role of ETFs across markets, the liquidity they provide, and how they trade throughout the day, their distributions to fund shareholders are typically less than mutual funds; sometimes significantly less so. For taxable investors, this difference can be meaningful. Even if an investor has not sold their shares, a mutual fund may distribute capital gains generated by portfolio trading, creating an unexpected tax bill. ETFs, by contrast, often minimize these distributions, allowing investors more control over when taxes are realized (i.e. capital gains versus fund distributions).

Why the Type of Distribution Matters

Not all fund distributions are taxed the same way, which makes it important for investors to understand the composition of income generated by their holdings.

Funds may distribute several types of income, including qualified dividends, non-qualified (ordinary) dividends, short-term capital gains, and long-term capital gains. Qualified dividends and long-term capital gains are generally taxed at lower federal rates than ordinary income. In contrast, non-qualified dividends and short-term gains are typically taxed at an investor’s marginal income tax rate.

For this reason, two funds with identical total returns may produce very different after-tax outcomes depending on the type of income distributed. Tax-aware investors often review distribution history and portfolio turnover when evaluating funds because the type of distribution matters when it comes to maximizing after-tax returns.

Bringing It All Together

Tax management should be an ongoing component of portfolio management rather than a once-a-year exercise. By harvesting losses throughout the year, favoring tax-efficient investment vehicles such as ETFs, and understanding the nature of fund distributions, investors can take a more proactive approach to managing after-tax returns. Over long investment horizons, even small improvements in tax efficiency can compound into meaningful gains in wealth.

If you’d like to discuss your portfolio strategy or long-term goals with an experienced advisor, please reach out for an introductory discussion.

📞 (412) 257-8060 | ✉️advisors@gsaminc.com

The Great Wealth Transfer is Here

Grant Street — Thu, 12 Mar 2026 04:00:00 GMT

by Landon W. Buzzerd

March 2026

The Great Wealth Transfer Is Here

You’ve probably heard the phrase The Great Wealth Transfer. It’s not just a headline. It’s happening right now.

Over the next couple of decades, trillions of dollars will move from Baby Boomers to their children and grandchildren.

However, The Great Wealth Transfer isn’t just about money—it’s about values, legacy, and communication across generations. Families who plan together tend to preserve not only wealth, but relationships.

As a firm working with multi-generation families, these are the conversations our advisors have on a frequent basis. The team at Grant Street Asset Management has spent decades advising families through these exact transitions and creating clarity across generations.

Whether you’re in the position of passing wealth on or preparing to receive it, thoughtful planning now can make a meaningful difference later.

For Baby Boomers: Planning Goes Beyond Account Balances

Many Boomers have done a great job saving and investing but have stopped short of ensuring their wishes are fulfilled. Without a clear plan, even decades of careful financial work can get complicated by taxes, family dynamics, or outdated documents. Here are a few actionable steps as you plan for your own wealth transfer.

1. Get your documents aligned.

A will is important, but it’s only part of the picture. Beneficiary designations, powers of attorney, healthcare directives, and trusts all need to work together. Outdated paperwork is one of the most common (and costly) issues we see. Just as important is choosing the right people to carry out your plan. Selecting a trustee or executor who is organized, trustworthy, and capable of handling both the financial and emotional responsibilities involved will be beneficial to everyone.

2. Think about taxes before, not after.

Estate taxes, income taxes on inherited accounts, and capital gains can significantly reduce what your heirs actually receive. Strategies like Roth conversions, charitable giving, and gifting during your lifetime can help shift tax burdens, preserve more of your wealth, and ensure more of what you’ve built goes to your family or the causes you care about rather than to taxes.

3. Decide what “fair” really means.

Equal isn’t always fair. One child may have special needs, another may have already received significant financial help, while another may be actively involved in a family business. These conversations can be uncomfortable and emotional but addressing them openly and intentionally now can help set expectations, reduce misunderstandings, and prevent long-term family conflict later.

4. Talk to your family.

This might be the hardest step, but it’s also one of the most valuable. These discussions give you a chance to share the “why” behind your decisions; your priorities, what matters most to you, and the legacy you hope to leave, so that the wealth carries meaning, not just dollars. Having open conversations with your heirs can give them clarity and confidence, helping them manage the inheritance responsibly rather than feeling overwhelmed, uncertain, or even conflicted when the time comes.

For the Next Generation: Inheriting with Intention

Preparation isn’t greed, it’s responsibility. Understanding how an inheritance might fit into your financial life allows you to make thoughtful decisions rather than emotional or reactive ones during an already difficult time. Planning ahead can help you honor the legacy behind the money, avoid costly mistakes, and use the inheritance in a way that supports your long-term goals and values rather than letting it become a source of stress or uncertainty.

1. Understand what you’re inheriting.

Is it retirement accounts, real estate, a business, or taxable investments? Each comes with different rules, timelines, and tax consequences, and misunderstanding those rules can be expensive. For example, inherited retirement accounts often must be distributed within a certain number of years, which can create unexpected taxable income if not planned carefully.

2. Don’t rush big decisions.

One of the most common mistakes inheritors make is acting too quickly by selling investments, paying off everything at once, or dramatically changing lifestyle before fully understanding the impact. Giving yourself permission to pause, seek guidance, and create a thoughtful plan can help ensure the inheritance supports your future rather than creating new stress or regret.

3. Be aware of the emotional side.

Money inherited after the loss of a parent or loved one can carry guilt, pressure, or family tension. These emotions can influence financial decisions more than people realize. Some inheritors feel uneasy enjoying the money, while others feel an unspoken responsibility to “do the right thing” for siblings or extended family.

4. Align the inheritance with your goals.

An inheritance can be a powerful tool. That could mean creating long-term financial security, investing for future goals, supporting causes you care deeply about. When approached thoughtfully, it can open doors and create options rather than obligations. The key is being intentional, not reactive, taking the time to align the inheritance with your values, priorities, and overall financial plan.

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Ultimately, successful wealth transfer doesn’t happen by chance, it happens with experienced guidance.

Families who navigate this transition well do so because they engage a trusted advisor who has helped others through the same complex, emotional, and high-stakes decisions.

Whether you are preparing to pass on wealth or preparing to receive it, now is the moment to act. The right guidance makes all the difference.

Who are you relying on to bring your wishes to life and guide your family through the next chapter?

Contact Grant Street if you’d like to have a thoughtful conversation with one of our advisors about transferring your wealth to the next generation.

📞 (412) 257-8060 | ✉️advisors@gsaminc.com