Bond markets have moved through several phases this year: early optimism, tariff-driven concern, rate cuts from the Federal Reserve and now a renewed bout of volatility. For investors trying to understand what the 10-year Treasury is signaling, the past few weeks have brought important developments.

In the latest episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner speaks with Global Head of Macro Sam Sudame about what is driving recent rate swings and how to interpret the factors influencing the 10-year.

They talk through:

• How policy uncertainty and mixed data have driven rate volatility this year
• Why the 10-year remains central to valuations, borrowing costs and fixed income spreads
• What current readings imply for inflation, growth and US debt concerns
• How term premium and creditworthiness influence long-term rates
• Why duration management still matters even as short-term rates come down

Michael and Sam explain that while the Federal Reserve sets short-term policy rates, the market determines the 10-year, and that distinction matters for investors assessing both risk and opportunity in fixed income. Understanding the drivers behind the 10-year can help families avoid unnecessary interest rate exposure and stay anchored in a thoughtful allocation approach.

To discuss how these rate dynamics may relate to your fixed income strategy, please do not hesitate to contact us.

Important Information:

The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

Private credit continues to attract attention as investors look for yield in a shifting rate environment. But behind the strong inflows, recent bankruptcies have raised questions about due diligence, loan structures and manager discipline.

In this episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner talks with Deputy CIO Matt Farrell about what recent events reveal about the state of private credit and how investors should evaluate managers in an increasingly crowded space.

They discuss:

• Why recent high-profile bankruptcies point to gaps in collateral verification and underwriting
• How rapid growth in private credit has led to looser lending standards and "covenant-light" structures
• What investors should examine in a manager's due diligence and credit process
• Why speed and deal volume can work against careful underwriting
• The core reasons private credit still holds appeal for investors who can tolerate illiquidity

While headlines may paint a worrying picture, they don't reflect the entire market. For investors who take the time to assess managers carefully and understand the risks, private credit can still serve a meaningful role within a diversified portfolio.

To discuss how recent private credit developments may impact your portfolio, please don't hesitate to contact us.

Important Information:

The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

Following a series of investment committee meetings, WE Family Offices shares its latest perspectives on asset allocation and how investors might think about positioning as market conditions evolve.

In this episode of The Wealth Enterprise Briefing, Michael Zeuner is joined by Sam Sudame and Matt Farrell to discuss how shifts in policy, earnings and valuations are influencing opportunities across fixed income, equities and real assets.

Their discussion highlights how recent rate cuts, easing uncertainty around tariffs and taxes and stronger corporate performance are creating a more favorable backdrop, but one that still requires selectivity and diversification.

Key discussion points include:

• What the Fed's rate cuts could mean for both short- and long-term yields
• Why equity opportunities are broadening beyond large-cap tech
• How diversification across geographies, styles and market caps adds resilience
• The growing importance of real assets in portfolios

As they note, investors don't need to overhaul their allocations but the mix beneath the surface matters more than ever.

If you're rethinking how your portfolio is positioned for the next stage of the cycle, we'd be happy to start that conversation with you.

Important Information:

The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.