Author: Luther King Capital Management
Luther King Capital Management Third Quarter 2026 Review
Capital has rarely been in greater demand, and its cost is rising accordingly. The year began with investors expecting two Federal Reserve interest rate cuts; by the end of the third quarter, the central bank had raised rates and signaled another increase before year-end. Meanwhile, long-term sovereign bond yields have risen across developed markets. The federal government continues to run unusually large budget deficits despite a strong economy. At the same time, the AI infrastructure buildout requires enormous private investment in data centers, semiconductors, power generation, and related equipment. Government borrowing and private investment are competing for the same pool of savings, adding upward pressure on the cost of capital.
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Read our Second Quarter 2026 LKCM International Economic Commentary
Executive Summary:
- Developed international equities rebounded strongly in Q2, with MSCI EAFE up 11.1% and first-half returns reaching 9.8%.
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