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Will Higher Rates Cramp the Markets?

October 22, 2026 | Greg Leonberger, FSA, EA, MAAA, FCA, Partner, Director of Research

Anyone who has run a marathon knows the last six miles are brutal — no matter how well the first 20 miles went, it’s really about how each runner can handle the cramps and pain of the remaining course. The outcome tends to be rather binary — it’s either the worst running experience of someone’s life (mine) or when the strongest push through and finish strong (one of our research colleagues in this year’s Chicago marathon).

This year’s market feels similar. Through September 30, most stock indices are headed for their fourth consecutive year of double-digit returns, but the massive run-up of rates in the third quarter reminds us how quickly markets can change. Nothing will be final until we cross the finish line on December 31.

Read > Will Higher Rates Cramp the Markets?

Greg Leonberger, FSA, EA, MAAA, FCA
Partner, Director of Research

Get to Know Greg

The opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.

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