As anticipated, the Federal Reserve left rates unchanged at this week’s meeting, though there is growing divergence on the path of policy, underscoring a high degree of uncertainty surrounding the outlook. We discuss our key takeaways in this Weekly Five.

From his grandfather starting the company out of his garage in 1917 to leading the brand into the next century, @RadioFlyer's Robert Pasin delivers a masterclass in leadership & innovation at one of America’s most iconic companies.

Rapidly escalating tensions in the Israel-Iran conflict drove significant uncertainty at week’s end, clouding the geopolitical outlook amid myriad unknowns. Read our market and economic analysis in the Weekly Five:

“We can be constructive on equities but we can also acknowledge the fact that it might be a scenic route to the end of the year and not a straight line up like we’ve seen in the last couple of weeks.” – Katherine Nixon via @business' The Close (2:55):

Friday’s jobs report beat expectations but revealed downward revisions for recent months, pointing to slowing momentum in the labor market and, in tandem with elevated jobs cuts, a potential turn toward “slow hiring, not-so-slow firing.”

What explains the durability of the post-liberation day equity rally? How will the Fitch Ratings downgrade of U.S. debt affect bond markets? And will balanced portfolios offer global investors adequate diversification going forward? Listen now:

Following the recent downgrade to U.S. debt and vigorous debate of the tax and spending bill in the House, financial markets shuddered at week’s close in response to potential tariff escalation.

A tariff-rate reprieve between the U.S. and China this week was greeted by investors as unequivocally positive, though myriad uncertainties remain amid ever-changing trade policy news that renders data difficult to assess.

Financial markets have largely recovered from their post-Liberation Day losses, though investors continue to grapple with unpredictability as they assess potential trade deals, including this weekend’s anticipated discussions with China.

We are honored to be named Best Private Bank by @FT_PWM in two categories. #WealthTechAwards

RT @FT_PWM: Our award winners in the Americas. We’d like to congratulate the following private banks: @BTGPactual, @MerrillLynch and @Banko….

Market volatility often tests investor resolve, but periods of stress also present opportunities for optimizing your plan. Explore six wealth planning strategies that can be even more effective in periods of market volatility.

“We could test the highs; it’s possible we could test the lows. I think we’re just going to go through a period of a lot of turn and volatility for investors.” – Katherine Nixon via @BloombergTV (3:45):

Reported progress on tariff negotiations, solid MAG7 earnings and an upside surprise with the April jobs report are driving investor confidence, with markets clawing back post-tariff announcement losses. Read our weekly analysis.

With markets highly sensitive to the hour-by-hour impacts of the news and the noise, progress in negotiations with trading partners and a de-escalation of anxiety regarding Fed independence this week calmed investors amid the ebbs and flows of uncertainty.

Tune in to this month’s episode of The Road to Why, where fourth-generation cattle rancher and head of Agricultural Properties group John Onderdonk discusses the growing popularity of ranches and the challenges of owning (or inheriting) these assets.

“Trade disputes, geopolitical events, and policy shifts will come and go—but markets have historically rewarded patience and discipline.” – Katie Nixon via @FortuneMagazine:

Five years past the COVID crisis and nearly three years past the last bear market, we are seeing similarly challenging financial markets. And no investor has an information edge.

Katie Nixon joined @BloombergTV 's “The Close” to talk about the significant market reactions to the tariff announcements – and how we are advising our clients [at 45:40]:

“We’re going to be living with more volatility and news and noise that is going to impact markets for the foreseeable future.” – Katie Nixon via Bloomberg @BW Daily podcast. Listen to the episode: