The Iran war turbocharges the rotation away from tech and into materials, energy, industrials and utilities and AI's war on work punishes AI's perceived targets.

For equity and bond markets, Q1 2026 felt a lot like Q1 2022. A long simmering war boils over (Russia-Ukraine in 2022, US-Iran in 2026), threatening the global supply of energy and other essential goods, causing fears of shortages, industrial shut-ins, reduced consumer spending and high inflation. Bond prices fall (and bond yields spike) to reflect the fear of higher inflation and equities fade amidst a weaker economic outlook and inflation potentially eating into corporate profit margins.

This year marks 25 years since Raymond James began its journey in Canada. Over that time, the firm has grown alongside clients, advisors, and associates across the country, shaped by long-term thinking, independence, and trusted relationships. While we are celebrating 25 years in Canada, our history extends much further. The firm's broader roots span more than 170 years, and the values established over that time continue to guide how we operate today.

Together, your partnership and our team's efforts made 2025 another remarkable year for Steele Wealth Management. Thank you for your continued partnership; we welcome your referrals and look forward to working with you in the year ahead.