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Markets navigated a complex environment in Q4. The quarter started with a government shutdown, which lasted 43 days and delayed key economic data releases. The lack of timely information made it difficult to assess the economy’s strength and contributed to periods of volatility as the market reacted to incomplete information. The Fed cut interest rates by -0.50% but signaled a pause, hinting that it could cut less than the market expects in 2026. Investors remain excited about the potential of artificial intelligence, but they’ve become more focused on which companies are best positioned to turn AI demand into near-term profits. Against this backdrop, the S&P 500, Nasdaq, and small-cap stocks each set new highs. In this letter, we recap Q4’s defining themes and events, review performance across key market areas, and look ahead to 2026.

With AI dominating headlines and stock prices soaring, many investors are asking whether a correction is coming. In this Market Update, CIO John Cunnison explains why predicting timing is nearly impossible and why preparation and diversification matter more than speculation.

The key to making your generosity truly impactful is to thoughtfully integrate your giving goals into your broader financial strategy.

As we approach the end of the year, now is the perfect time for business owners to take a comprehensive look at their operations and prepare for the year ahead.

In this month’s Market Update, Tyson Romanick Senior Portfolio Manager at Baker Boyer, breaks down what the ongoing U.S. government shutdown means for investors. Learn why markets have remained steady, how missing economic data affects Federal Reserve decisions, and what risks may emerge if the shutdown continues.

Recent consumer survey data has revealed a widening gap between how consumers view the stock market and the economy.

Who is at risk? Bank customers of all ages are increasingly vulnerable to AI-driven scams. Families, especially those with elderly members or children, are prime targets due to their emotional responsiveness and lack of technical defenses. According to JPMorgan Chase, fraud cost its consumer bank $500 million in 2024, excluding cases where customers were tricked into authorizing transactions.

John Cunnison discusses how markets have remained strong despite a government shutdown, what potential rate cuts could mean for investors and how to think about diversification...

Family farmers are at a crossroad in today’s age. Difficulties in input costs, pricing, and a host of issues have added additional pressure to their success.  One thing that can alleviate some of the pressures of running a family farm is the planning for how it continues after you’re gone. A thoughtful plan helps ensure that the farm continues to thrive for future generations. Without one in place there’s a risk the business may struggle to carry on beyond the current generation.

Corporate credit spreads are at levels not seen in decades. Investment-grade credit spreads, which measure how much more a top-rated company pays to borrow compared to the U.S. government, have fallen to 0.77%, a level last seen in 1998 (Figure 1). Historically, the spread is closer to 1.30%, a half percentage point higher. High-yield spreads are similar but not as extreme. The current high-yield spread is 2.79%, the tightest since 2007 and well below the median of 4.59% since 1996 (Figure 2). Today’s credit spreads stand out for how tight they are compared to history, with companies paying a significantly smaller risk premium to borrow.

For most small business owners, managing day-to-day operations is a full-time job. Keeping the business running smoothly, handling employees, and staying competitive can make it difficult to focus on long-term strategies and their own financial future

In this month’s market update, Ted Cohan, Senior Portfolio Manager at Baker Boyer, recaps the latest trends across U.S., international, and bond markets.