Swaps traders are now pricing in over 100 basis points in Federal Reserve rate cuts by mid-2026. With a flood of front-end Treasury issuance injecting liquidity into money markets, cash is plentiful.

A long-feared change to Wall Street’s plumbing is paying off—and it’s freeing up billions.

The advisory industry is in a period of "prosperous stagnation," according to the Ensemble Practice consulting firm.