In the spring of 1972, the heads of Alcoa, General Motors, and U.S. Steel formed Business Roundtable (BR) – a not-for-profit trade organization for big business in America. For the next half century, BR advocated for lower taxes, weaker labor unions, and free-trade agreements. It opened its arms and warmly embraced economist Milton Friedman’s ethos that maximizing shareholder value was the prima facie of a capitalist democracy. Then, something funny happened on the way to the second decade of this century. BR issued a statement, signed by all the 181 CEO members, which said looking at broader stakeholder issues was actually the prudent thing to do.
Recent Insights
Country Indices Flash Report – September 2026
U.S. long-dated yields reached their highest in over 20 years. A bond sell-off deepened on stronger-than-expected growth, elevated inflation, and rising spending, with the Treasury’s buyback efforts failing to calm markets. Germany’s Bund yield hit a 17-year high, and Japan’s 10-year JGB hit a 30-year high. The Fed hiked rates for the first time in three years; the BoJ, ECB, and RBA also raised rates.
September 30, 2026
The unintended consequence of Artificial Intelligence
Explore how artificial intelligence is reshaping U.S. economic growth and impacting debt markets in significant ways.
September 30, 2026
Corporate Profits Remain a Tailwind – Morning Macro with Dave
With the last of the off-cycle reporters now largely wrapped up, we can effectively close the book on the second quarter earnings season.
September 24, 2026
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