3 NOVEMBER 2026
Macro moments weekly: Healey Budget—breathing space on borrowed time?
John Healey's first Budget has bought the UK some breathing space, but for how long?
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Macro moments weekly with Michael Browne
Michael Browne’s sharp weekly take on global trends impacting your portfolios, designed to inform your thinking, explain the developments moving markets and spot what others may be missing.
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Big market shifts rarely have simple explanations. Michael Browne and guests explore the forces reshaping markets and economies — and what investors should be thinking about next.
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Allocation views extra: Are US small-cap stocks being underestimated?
Michael Browne is joined by Francis Gannon, Co-Chief Investment Officer of Royce Investment Partners, to debate the outlook for US small caps.
They explore whether higher interest rates really spell trouble for smaller companies, why earnings and valuations could matter more than rate moves, and whether improving market breadth, M&A activity, and stronger balance sheets are creating a more supportive backdrop.
With US small caps beginning to outperform after years in the shadow of mega-caps, could a new small-cap cycle already be under way?
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US midterms 2026 – after the vote, what next for markets?
As results come in, it's clear that a new political landscape is taking shape in Washington following the US midterm elections, with Democrats securing astonishing gains in both chambers of US Congress.
As Democrats celebrate, what could the shift in power mean for government borrowing, tariffs and regulation? How might US equities, treasury yields and the dollar respond? And what should investors be watching?
Join Michael Browne and Jeff Schulze of the Franklin Templeton Institute for a live Macro moments special on 4 November. Combining global investment perspectives with detailed analysis of the US economic cycle, they’ll examine the emerging results, explore the potential market implications and consider what investors should be watching as 2027 approaches.
Michael Browne
Global Investment Strategist, Franklin Templeton Institute
Jeffrey Schulze, CFA
Director, Investment Strategist
Chart of the week
100% of midterms saw a higher S&P 500 nine and twelve months later.
The party in the White House made little difference: +14.9% under Republican presidents vs. +15.0% under Democratic presidents at 12 months.
Stocks Rose in the Year After Every Midterm Since 1942
Average S&P 500 price return after the midterm election, by party of the president
| Midterms | Observations | 3 months | 6 months | 9 months | 12 months |
| All midterms (1942–2022) | 21 | +7.0% | +13.2% | +15.8% | +15.0% |
| Republican president | 10 | +6.6% | +14.8% | +16.8% | +14.9% |
| Democratic president | 11 | +7.4% | +11.8% | +15.0% | +15.0% |
Source: Franklin Templeton Institute, S&P Global, Bloomberg, Macrobond. As of 10/5/2026.
There is no assurance that any estimate, forecast or projection will be realized. Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
Past performance does not predict future returns.
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