The third quarter brought a mix of encouraging and cautionary signals. The economy kept growing and corporate earnings held up well, while a surge in energy prices, the Federal Reserve’s first rate increase since 2023, and a sharp rise in long-term interest rates added new risks. In this quarterly commentary, Calamos Wealth Management Chief Investment Officer Jon Adams, CFA, examines the three themes shaping our thinking: the shift in market leadership, the return of income across public and private markets, and an economy that, in our view, is growing steadily rather than heading toward boom or bust. He also shares our portfolio positioning and what we are watching as we head toward year end.
