The United States (U.S.) economy is still growing as output expanded strongly, driven by consumer and government spending. But it might be showing signs of strain. Inflation, which had been drifting lower, is moving higher again as businesses pass tariff costs on to consumers. Consumer confidence appears to be falling, the labour market is cooling, and the U.S. dollar has depreciated sharply since March of 2025. (1)

On Tuesday this week, the value of the U.S. dollar fell again after the President expressed little concern about recent drops.

Exchange Traded Funds (ETFs) have been available to investors for more than 30 years. Initially, ETFs were best known for providing investors direct access to large indices – the S&P 500 and the TSX.

The first ETF was traded in the United States (U.S.) in 1989. It was called the Index Participation Shares (IPS) and was an S&P 500 proxy that traded on the American Stock Exchange and the Philadelphia Stock Exchange. This new investment product was so new and misunderstood that the Chicago Mercantile Exchange filed a lawsuit to stop the sale of IPS in the U.S.

For almost half of human history, our ancestors moved with the four-legged food supplies of their respective areas, leaving only traces of their lives in the form of cave drawings, stone weapons, and tools.

Although home ownership may be less affordable than it was in the past, it is still open to many. And we can thank the Industrial Revolution, one of the greatest economic equalizers in human history, for this. Albeit slow, the transfer of wealth to the working class and entrepreneurs meant more people, in more places, could purchase and own their own home.

Another year is behind us. As we embark on another tour around the sun, like clockwork, forecasts are emerging about how markets and economies will look  in 2026. We read a lot of these – sometimes they are entertaining, sometimes they are enlightening. Rarely are they 100% correct.

Before we look at industry predictions for 2026, let’s take a quick look back at 2025.