U.S. Treasury yields plummeted, particularly on short-term notes, after July’s jobs report came in significantly weaker than expected, reigniting investor expectations for an imminent Federal Reserve rate cut. 

The two-year yield dropped 25 basis points to 3.71%, its steepest one-day fall in a year, as traders priced in an 80% chance of a rate cut at the Fed’s September meeting. The labor data showed just 73,000 jobs added in July, well below forecasts, and revisions to prior months brought the three-month hiring average to a pandemic-era low of 35,000. 

The market’s reaction signaled a dramatic pivot in sentiment, further fueled by political pressure from President Trump and dovish dissent from two Fed governors. Treasury futures volumes surged as traders abandoned flattening yield curve bets, and BlackRock analysts now anticipate a 50-basis-point rate cut in September, with more to follow by year-end. 

Finsum: The Fed can afford aggressive easing without stoking inflation, setting the stage for a bold monetary policy shift.

Goldman Sachs Asset Management has introduced the GS Private Credit CIT, a collective investment trust designed to bring private credit strategies into defined contribution retirement plans. The fund will invest in North American and European direct lending and private placements, while maintaining a liquidity sleeve to meet daily portfolio needs. 

It has already been selected for inclusion in the Panorix Target Date Series by Great Gray Trust Company, which aims to offer institutional-quality investment strategies to retirement savers. Panorix will feature a custom glidepath from BlackRock, liquidity management from Wilshire, and a mix of public and private asset exposure including the GS Private Credit CIT. 

This launch leverages Goldman’s $142 billion private credit platform and global underwriting capabilities to give retirement savers access to tools traditionally reserved for institutional investors. 

Finsum: As public markets grow more concentrated, CITs can provide diversification and growth potential through private credit exposure.

At the ETFs Summit hosted by S&P Dow Jones and the Mexican Stock Exchange, industry leaders predicted that active ETFs will continue growing rapidly, drawing market share not only from mutual funds but increasingly from structured notes. Structured notes—once prized for their customization—are losing ground as active ETFs replicate similar strategies with added liquidity, transparency, and without the counterparty risk inherent in notes. 

Retrocession fees no longer necessary, ETFs provide institutional-class access with real-time pricing, something structured notes cannot offer. While structured notes often come with hidden complexities and limited tradability, active ETFs deliver the same exposure with the ease of public market trading and daily liquidity. 

This shift is part of a larger industry trend: of 600 ETFs launched last year, 400 were actively managed, signaling innovation is now happening more through ETFs than through complex structured products. 

Finsum: As ETFs expand their reach across asset classes, including private credit and crypto, their dominance over less liquid, opaque vehicles like structured notes seems increasingly likely.

Estate planning is often overlooked or treated as an afterthought, crammed into the final moments of client meetings, if it’s offered at all. Yet nearly all investors, especially younger ones, now expect their advisors to include estate and tax planning as core parts of a holistic financial strategy. 

As trillions of dollars shift between generations, advisors who avoid these conversations risk irrelevance and client attrition. A modern, effective approach to estate planning requires more than good intentions, it demands scalable technology, family-inclusive strategies, and clear, repeatable processes. 

Platforms that visualize beneficiary summaries, tax impact, and legacy goals not only make these conversations easier but also more meaningful and professional. 

Finsum: In today’s competitive advisory landscape, firms that prioritize thoughtful estate planning will be the ones that grow, retain assets, and lead the next era of wealth management.

Clients often face unexpected personal setbacks, and advisors should be prepared to offer support without overstepping. Asking thoughtful, respectful questions during reviews can help uncover early warning signs, such as increased withdrawals or halted contributions. 

If something feels off, gently probing with intuitive questions that may reveal issues like family medical concerns or caregiving challenges. When a problem surfaces, framing it with empathy and context, like noting how common it is, can make clients feel less isolated and more receptive. 

It is crucial to gauge whether the client welcomes involvement or views it as intrusive; their response should guide your next steps. 

Finsum: Being present during hard times, not just the good ones, is what builds lasting trust and loyalty.