Investment Insights – February 2026
We’re pleased to share the latest edition of our Investment Insights report, which highlights the key trends shaping markets and portfolios.
This month’s key takeaways:
- Leadership rotation: Equity returns were positive, but volatility rose as leadership shifted. AI-related concerns weighed on software, while commodities and infrastructure benefited.
- Policy divergence: The US Federal Reserve held interest rates steady amid sticky inflation. The Reserve Bank of Australia moved the other way, hiking rates, with markets pricing another move higher in May.
- The “Warsh Shock”: Kevin Warsh’s nomination as US Federal Reserve Chair triggered a sharp unwind in debasement trades, with gold and silver falling 9% and 30% respectively. The big question now is the impact on long-term bond yields.
As outlined in our latest quarterly report, volatility is likely to remain a feature of 2026, not a bug.
We hope you find this update useful. If you would like to discuss any of these themes, please feel free to reach out.
Warm regards,
Mackay Private Wealth
General Advice Warning: Any comments in this communication do not consider your objectives, financial situation or needs. Before acting on any general advice, consider whether it is appropriate for you.