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Prior to this role, Chris spent 10 years as one of the firm’s portfolio managers, involved with asset allocation, fund selection, and overall management of Commonwealth’s discretionary platform, PPS Select.\n\n\nWith a deep background in small- and mid-cap stock research, Chris is uniquely positioned to analyze the latest economic data and offer valuable insights on navigating today’s volatile markets. He has been featured in articles for Bloomberg, Reuters, Business Insider, and Barron’s. Chris also regularly speaks at advisors’ client events on market trends, offering observations and analysis on key economic and market developments that could impact investors’ financial strategies.\n\n\nChris earned his degree in economics from Bates College and his MBA from the UNC Kenan-Flagler Business School."},"linkText":"Information about securities-registered professionals may be found at FINRA BROKERCHECK.","linkUrl":"https://brokercheck.finra.org","image":{"description":"","title":"Chris Fasciano author","file":{"url":"//images.ctfassets.net/a320zjmb1inn/7dIK8ndg8U9c886qsNNjHY/d6e1c161ef270f16ae92ea959cd166d1/Chris_Fasciano_Public_Siteâ__Author_Photo_2x.png"}}},"topics":[{"slug":"market-economic-perspectives","name":"Market & Economic Perspectives","image":{"title":"Market and Economic Perspective","file":{"url":"//images.ctfassets.net/a320zjmb1inn/2mKoY96PiwQdSMHNp5LnPE/60edee6fbc2ec3508edf7c2f83dfbbd9/Market-and-Economic-Perspectives-new-crop.jpg"}},"customDisclosureText":{"json":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"The information on this website is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Certain sections of this commentary contain forward-looking statements that are based on our reasonable expectations, estimates, projections, and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not indicative of future results. 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GOVERNING LAW","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These Terms of Use are governed by the laws of the Commonwealth of Massachusetts without giving effect to any principles of conflict of law.","marks":[],"data":{}}]}]}}}}},"content":[{"data":{},"marks":[],"value":"Terms of Use","nodeType":"text"}],"nodeType":"entry-hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}}}],"date":"07.15.26","publishDate":"2026-07-15","content":{"json":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Midterm elections. A change of leadership at the Fed. The shifting AI theme. There's a lot for investors to think about as we move into the second half of the year. To help navigate the path ahead for markets and the economy, ","nodeType":"text"},{"data":{"uri":"https://www.commonwealth.com/author/sam-millette"},"content":[{"data":{},"marks":[],"value":"Sam","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" and I welcomed a special guest to this month's Market Observatory, ","nodeType":"text"},{"data":{"uri":"https://www.lpl.com/research/research-team/marc-zabicki.html"},"content":[{"data":{},"marks":[],"value":"Marc Zabicki","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", LPL's chief investment officer.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Our wide-ranging conversation covers what investors should be watching for the rest of the year, what to expect from a Kevin Warsh-led Fed, AI risks and opportunities, and much more. 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It’s hard to believe it, but what a year it’s been so far for investors. Whether it be the conflict in Iran, the new head of the Fed, or the shifting theme in AI, there’s been plenty for markets and investors to navigate.","Sam"],["00:18-00:56","There has certainly been a lot to talk about, Sam. And it’s left investors wondering what to expect as we look forward to the second half of 2026. And that’s what the focus of this special Midyear Outlook episode of the Market Observatory is all about. Today, we are excited to welcome LPL Financial’s chief investment officer, Marc Zabicki. Mark guides LPL’s overall investment decision-making process and has joined us today to talk through LPL’s 2026 Midyear Outlook. Welcome back to the Market Observatory, Marc.","Chris"],["00:56-00:59","Many thanks there, Chris and Sam. Good to see you.","Marc"],["00:59-01:26","So let’s dive right in. Policy headlines have driven market volatility over the last 18 months. Tariffs, the budget bill negotiations, and the war in the Middle East have all unnerved investors at some point. But ultimately, phenomenal earnings growth has driven markets higher and higher. And where we sit today, that’s probably the backdrop that’s going to continue.","Chris"],["01:26-01:56","So, historically, midterm elections have driven volatility due to all the uncertainty. And with the House and the Senate hanging in the balance, I’m guessing this year will be the same. But, as Election Day approaches and that uncertainty begins to dissipate, markets do tend to act better. And the policy implications of the election will be a bigger issue for investors next year when the new Congress is seated.","Chris"],["01:56-02:28","So, from my perspective, the two biggest things that investors need to be focused on for the remainder of this year is the AI story, and how it impacts earnings growth, and a Kevin Warsh Fed. So, let’s start with the Fed, Marc. Investors interpreted Warsh’s first press conference as hawkish. And I’m wondering, how much of future Fed policy is going to be driven by the war in the Middle East and the full reopening of the Strait of Hormuz?","Chris"],["02:28-04:32","Yeah, quite a bit of it, Chris. And as the certainty just kind of still continues to play out in the Middle East and the Iran-U.S. conflict continues to play out, I mean, that’s going to stall the way the Federal Reserve thinks about what they previously thought about ahead of the Kevin Warsh seating is, are we going to eventually get an easing in interest rate policy at some point? So, we think we probably would have seen kind of a path toward more easing, absent the Iran conflict. Clearly, the Iran conflict is, has made the Federal Reserve kind of slow down its thought process. Now the market is pricing in a small chance of maybe a rate hike. We don’t think that’s going to happen, but I think it’s going to make the Federal Reserve conversation a little bit more of a confusing one throughout the back half of the year. I mean, from my perspective, I think they should definitely not raise interest rates here because, historically, when the Federal Reserve looks at the movement in oil prices, they typically consider it short term. I don’t know why they would think about it differently now. And then I think Kevin Warsh is probably going to be building in some expectation around what AI is going to do to overall productivity, and what technology, the proliferation of technology and the utilization of technology here in the U.S., is frankly going to do to just overall productivity and perhaps a disinflationary impact. So long-winded answer, but I think, I think when we sit here in six months from now, I still think we’re probably going to be trying to figure out where the Federal Reserve is going with policy.","Marc"],["04:32-05:00","Yeah, to add another layer to it though, Marc. You know, we do have a change in leadership at the Fed. And one of the things that was pretty prominent in Chair Warsh’s first press conference as chair was the announcement of five different task forces that are going to be used to kind of reshape how the Fed views some key policies. Can you speak a little bit to that, and what some of the kind of key things to watch for are for investors when it comes to changes at the Fed?","Sam"],["05:00-06:14","Yeah, I mean, I think the task forces, Sam, were probably put in place to really modernize maybe the Fed’s thinking a little bit about monetary policy. I personally believe the Federal Reserve is a little bit too backward-looking, and what I’ve read from Kevin Warsh, I think he wants the Federal Reserve to be a little bit more forward-looking. So I’m personally hoping that some of these task forces push the Federal Reserve in that regard. I know there’s some questions about how much visibility that he wants to give in terms of future Fed policy. I’m sure there’ll be some decisions made around that as well. You know, my expectation, whether it’s task force related or the way he massages the thought process of other board members, is that, you know, he’s a big believer that productivity is actually going to be higher in the next several years, driven by technology overall, driven by AI. I think that’s going to start really bleeding into some, some policy decisions and thought processes. ","Marc"],["06:14-06:34","Let’s pivot to AI. It has been the dominant theme in the market now for some time, and investors have certainly responded to it. And now we have several big IPOs coming that are pure plays on the theme to compete for investor capital. What do you see as the biggest risk to businesses from AI currently?","Chris"],["06:34-07:53","Yeah, I tell you, Chris, this wouldn’t be a market strategy conversation if we didn’t talk about AI. So the clearly the biggest risk, and I think we all know this, it’s, it’s what the trajectory of the build-out is going to be, because there’s been so much expectation about a certain level of a build-out that, that we’re expected to see over the next several years and trillion dollars being spent to that end. To the degree that expectations change and maybe the build-out is less than expected based on you know the, the lack of a realization of return on investment. So I think you know 20-, the latter half of 2026 and into 2027, I think we’re going to see players get more serious about return on investment, which may lead them to second guess some build-out expectations. That itself is probably the biggest risk facing the market, because valuations, while not overly uncomfortably high, they are indeed high, and there’s been a lot of momentum built up in this whole AI story. A change in expectations just could take some air out of the balloon.","Marc"],["07:53-08:06","So, it sounds like there’s some potential headwinds, but a lot of uncertainty here when it comes to forecasts. What do you think investors specifically should be looking at as they try to navigate the AI theme throughout the next couple of months?","Sam"],["08:06-09:42","Yeah, it’s really about those expectations, Sam. It’s about, it’s about the valuations that you’re, you’re paying for those, those future cash flows. We look at, we’ve been looking at the amount of momentum that’s built into this market. Momentum is clearly the leading factor that’s, that’s moving this market. In addition to what Chris mentioned, earnings fundamentally have also been good, so we can’t discount that, but this market can move on a dime. So, if there are changes to expectations, if we do get some sense that earnings aren’t going to be quite what the market is forecasting or people expect, then, then I think some air could come out of the balloon. Secondarily, I think it’s really policy related, you know. Chris alluded to at the top, is like, you know, people are going to start getting nervous as we get into the November elections. It always typically happens, you can nearly set your watch by it. And we’re expecting some level of change in the balance of power in Congress. When we start getting closer to those conversations around November, I think we’re going to also see some, some volatility. So we use the word volatility a lot, and, but I, and it’s been volatile so far this year. I don’t know that that changes much in the back half.","Marc"],["09:42-10:20","So let’s talk a little bit about earnings. I’m a big believer that over the long term, fundamentals do drive markets. And we have seen S&P 500 earnings estimates for both 2026 and 2027 move up considerably. That’s been really good for investors, but it also raises the bar and sets up the potential for disappointment. So, I’m wondering, from your perspective, is there enough earnings momentum outside of AI that if we see any softness in the AI fundamentals, that corporate America can still deliver on that earnings growth that’s expected right now.","Chris"],["10:20-12:18","Yeah, Chris, so let’s set AI aside for a minute. I mean, just look at things from a kind of an economic fundamental view, and really the biggest pieces of the puzzle from a, from a GDP perspective, which we expect to be a driver of earnings, is really consumer spending, business spending. As we look at both of those buckets, the consumer remains in relatively good standing in aggregate. I think we could probably all three agree that there is a K-shaped economy going on. There is a definitive wealth effect that I think we all three can see as well. That alone is probably making the consumer feel a little bit more comfortable. The upper portion of the K is looking at their stock prices, looking at their home price in general, and saying, well, I feel pretty good, I can go out and spend some money. And that, so far, has been the case. So, we expect the consumer to continue to remain relatively strong. Their balance sheets are in pretty good order. Unemployment we don’t see is going to be a problem. We are indeed expecting it to tick higher from here, but not materially higher to the degree that would upset consumer spending. From a business spending perspective, we think manufacturing activity is probably stronger than I would have expected. Services-based activity also continues to be strong as people like Sam go out to dinner and stay at hotels around the United States of America. So from a, from an economic, pure economic perspective, we’ve got the building blocks that are going to drive earnings, so if we set that aside, I think that is a good foundation on which to build.","Marc"],["12:18-12:51","And it’s interesting. Despite all the excitement about AI and IPOs and growth, this year has really been a stealth testament to diversification. Values outperform growth, small-caps outperform large-cap. International has continued to outperform. My view is that is likely to continue as we move forward over the rest of the year. But what’s the best advice you can give clients as to how to position the equity portion of a portfolio currently to navigate what we’ve been talking about.","Chris"],["12:51-14:19","Yeah, I think Chris, it’s a timely question. We’ve actually at LPL reduced some beta exposures, at least suggested to our clients reducing some beta exposure in the portfolio as a, as a theme that we’ve incorporated. We’ve suggested like low volatility exposure, which indeed is not technology exposure. We actually reduced our technology position from overweight to equal weight, so we’ve taken some logs off the fire there. You’ve already addressed some of those reasons. One of them is the upcoming election, the other is some uncertainty around Federal Reserve policy, et cetera, but I think as an investor you’ve got to be thinking about risk management here. You’ve got to be thinking about diversification in a market where momentum is moving a lot of equity prices back and forth. And in an environment when you’ve got increased levels of risk and lack of visibility, I mean, if you’re driving your car in some fog, you lack visibility. What do you do? You slow down, and we’re slowing down the risk levels that we’re adding to equity portfolios through the back half of 2026 because we think that’s prudent.","Marc"],["14:18-14:34","Yeah, Marc, it sounds like you guys are really dialing back on the risk levels in the equity allocations. Are you making similar recommendations for fixed income or is it a little bit different? Just sort of, what’s your view on fixed income’s position in a diversified portfolio?","Sam"],["14:34-15:56","I’ll tell you, Sam, at the risk of sounding boring, we indeed are. I mean, we’ve, we’ve, and we’ve, we’ve been this way for quite some time in terms of the way we think about core bond exposure versus non-core exposure or spread exposure. So we haven’t been an advocate for high-yield bond exposure, EM debt, and the like for quite some time, thinking that you’re not getting paid for the risk that you’re taking in those segments. So again, at the risk of being boring, Treasuries, mortgage-backed securities, and investment-grade corporate bonds, the core segments of the bond market are indeed the place to be. The concept, in terms of interest rate expectations, are that we think the 10-year Treasury yield is going to be landing at the end of the year between maybe 4 and 450, so there’s probably not a whole lot of upside in bonds, but you are getting a pretty decent carry. And that carry is somewhat competitive versus what we think the equity market is going to give you through the back half of the year so. ","Marc"],["15:56-16:13","Yeah, completely agree. And I would say I do think boring is a good word when it comes to bonds. So, happy to hear that. Moving on a little bit to an asset class that sometimes isn’t as boring, can you speak a little bit to kind of the role of alternatives in a portfolio? Do you see them as being useful as a diversifier?","Sam"],["16:13-17:33","So correlations post-Covid between stocks and bonds have been positive. And you, in the 20 years prior to Covid, you didn’t see that. And when correlations between stocks and bonds are positive, the levels of a diversification of a multi-asset portfolio degenerate just a little bit. And our answer to that, and what we’ve been delivering to our audiences is is you have to add another asset class to add more diversification properties to a multi-asset portfolio. To us, that means alternatives is one of those options. Clearly, that doesn’t mean private credit or private equity, both of those are correlated to their own respective public markets. To us, it does mean global macro managers, means long short managers, and also means managed futures managers. Why? Because those managers typically give you exposure that’s non-correlated to public markets. It is actually going to give you a little bit more of a portfolio that may zig when the market zags, and obviously, from a diversification standpoint, that is indeed important.","Marc"],["17:33-17:40","Yeah, I certainly agree, Marc. Well, thank you so much for joining us today and sharing your thoughts with our viewers. ","Sam"],["17:40-17:43","Oh, you’re very welcome, Sam and Chris. Good to see you both.","Marc"],["17:43-18:00","And thank you for joining us. Join us again next month for another update from the Market Observatory. And in the meantime, please check out the 2026 Midyear Outlook by the LPL Research team for further insights into the key themes throughout the rest of the year.   Certain sections of this commentary contain forward-looking statements as of the date published that are based on our reasonable expectations, estimates, projections, and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Opinions are subject to change without notice.    This communication should not be construed as investment advice, nor as a solicitation or recommendation to buy or sell any security or investment product.   Investing in alternative investments may not be suitable for all investors and involves special risks, such as risk associated with leveraging the investment, utilizing complex financial derivatives, adverse market forces, regulatory and tax code changes, and illiquidity. There is no assurance that the investment objective will be attained.","Sam"]]}}}},"content":[],"nodeType":"embedded-entry-block"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"For more insights on the key themes that will drive markets in the months ahead, check out the LPL 2026 Midyear 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You are responsible for ensuring that your use of those sites complies with any applicable terms of service or other agreements.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We may remove endorsements, recommendations, comments, posts, photos, videos, “friends,” “fans,” “likes,” “followers,” or any similar term or function from our profile page(s) on third-party social networking sites and our Website. Please avoid and refrain from posting any of the following on such sites: (i) comments that are unlawful, abusive, defamatory, or offensive or that contain profanities; (ii) specific investment advice or products, specific securities or investments, or trading strategies; (iii) testimonials, endorsements, or recommendations; or (iv) personal, account, or transaction information.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"12. DISCLAIMER OF WARRANTIES","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"YOUR USE OF THE WEBSITE, ITS CONTENT, AND ANY SERVICES OBTAINED THROUGH THE WEBSITE IS AT YOUR OWN RISK. THE WEBSITE, ITS CONTENT, AND ANY SERVICES OBTAINED THROUGH OR IN CONNECTION WITH THE WEBSITE ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITHOUT ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. WE DISCLAIM ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT. NEITHER COMMONWEALTH NOR ANY PERSON ASSOCIATED WITH COMMONWEALTH MAKES ANY WARRANTY OR REPRESENTATION WITH RESPECT TO THE COMPLETENESS, SECURITY, RELIABILITY, QUALITY, ACCURACY, OR AVAILABILITY OF THE WEBSITE. WITHOUT LIMITING THE FOREGOING, NEITHER COMMONWEALTH NOR ANYONE ASSOCIATED WITH COMMONWEALTH REPRESENTS OR WARRANTS THAT THE WEBSITE, ITS CONTENT, OR ANY SERVICES OBTAINED THROUGH OR IN CONNECTION WITH THE WEBSITE WILL BE ACCURATE, RELIABLE, ERROR-FREE, OR UNINTERRUPTED, THAT DEFECTS WILL BE CORRECTED, THAT OUR SITE OR THE SERVER THAT MAKES IT AVAILABLE ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS, OR THAT THE WEBSITE OR ANY SERVICES OBTAINED THROUGH OR IN CONNECTION WITH THE WEBSITE WILL OTHERWISE MEET YOUR NEEDS OR EXPECTATIONS. WE ARE NOT RESPONSIBLE FOR TYPOGRAPHICAL ERRORS OR OMISSIONS. WHILE WE ATTEMPT TO MAKE YOUR ACCESS AND USE OF THE WEBSITE SAFE, WE CANNOT AND DO NOT REPRESENT OR WARRANT THAT OUR WEBSITE OR ITS SERVER(S) ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. THE FOREGOING DOES NOT AFFECT ANY WARRANTIES THAT CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"IN THE EVENT OF ANY PROBLEM WITH THE WEBSITE OR ITS CONTENT, YOU AGREE THAT YOUR SOLE REMEDY IS TO CEASE ACCESSING AND USING THE WEBSITE AND THE CONTENT. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"13. LIMITATION ON LIABILITY","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"IN NO EVENT WILL COMMONWEALTH, ITS AFFILIATES, OR THEIR LICENSORS, SERVICE PROVIDERS, EMPLOYEES, AGENTS, OFFICERS, OR DIRECTORS BE LIABLE FOR DAMAGES OF ANY KIND, UNDER ANY LEGAL THEORY, ARISING OUT OF OR IN CONNECTION WITH YOUR USE, OR INABILITY TO USE, THE WEBSITE, ANY WEBSITES LINKED TO IT, ANY CONTENT ON THE WEBSITE OR SUCH OTHER WEBSITES, OR ANY SERVICES OBTAINED THROUGH OR IN CONNECTION WITH THE WEBSITE OR SUCH OTHER WEBSITES, INCLUDING ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, INCLUDING, BUT NOT LIMITED TO, PERSONAL INJURY, PAIN AND SUFFERING, EMOTIONAL DISTRESS, LOSS OF REVENUE, LOSS OF PROFITS, LOSS OF BUSINESS OR ANTICIPATED SAVINGS, LOSS OF USE, LOSS OF GOODWILL, LOSS OF DATA, AND WHETHER CAUSED BY TORT (INCLUDING NEGLIGENCE), BREACH OF CONTRACT, OR OTHERWISE, EVEN IF FORESEEABLE. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE ABOVE LIMITATION OR EXCLUSION MAY NOT APPLY TO YOU.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"14. INDEMNIFICATION ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You agree to indemnify, defend, and hold Commonwealth (and its affiliated companies, contractors, employees, directors, officers, licensors, and agents) harmless from any and all claims, suits, actions, losses, costs, damages, and any other liabilities, including attorneys’ fees, brought by a third party arising out of or related to (i) your use or misuse of the Website; (ii) any violation of applicable law or the rights of any other person or entity by you; or (iii) any breach or violation by you of these Terms of Use.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"15. INTERNATIONAL USERS","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We operate the Website from the United States of America, and the Website is meant for use by United States users. If you choose to access the Website from outside of the United States, you are responsible for complying with applicable local laws. Please refer to our Privacy Policy for information regarding the collection of personal data.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"16. SEVERABILITY; WAIVER ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If any provision of these Terms of Use is held unlawful, void, or for any reason unenforceable, then that provision is deemed severable from these Terms of Use and will not affect the validity and enforceability of any remaining provisions. A provision of these Terms of Use may be waived only by a written instrument executed by the party entitled to the benefit of such provision. The failure of any party at any time to require performance of any provision of these Terms of Use will in no manner affect such party’s right at a later time to enforce the same. A waiver of any breach of any provision of these Terms of Use is not construed as a continuing waiver of other breaches of the same or other provisions of these Terms of Use. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"17. ARBITRATION; CLASS ACTION WAIVER","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please read the following arbitration agreement in this Section 17 (“Arbitration Agreement”) carefully. It requires you to arbitrate disputes with Commonwealth unless you opt out as described below and limits the manner in which you can seek relief from us.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(a) Applicability of Arbitration Agreement","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You agree that any dispute or claim relating in any way to your access or use of the Website, to Commonwealth’s marketing or advertising practices, to the collection of information on the Website, to the sharing of information collected on the Website, or to any aspect of your consumer relationship with Commonwealth (unless otherwise governed by a separate agreement as described above) will be resolved by binding arbitration, rather than in court, except that (1) you may assert claims in small claims court if your claims qualify, so long as the matter remains in such court and advances only on an individual (non-class, nonrepresentative) basis; and (2) you or Commonwealth may seek equitable relief in court for infringement or other misuse of intellectual property rights (such as trademarks, trade dress, domain names, trade secrets, copyrights, and patents). This Arbitration Agreement shall apply, without limitation, to all claims that arose, accrued, or were asserted before the effective date of this Arbitration Agreement or any prior version of this Arbitration Agreement.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"IF YOU AGREE TO ARBITRATION WITH COMMONWEALTH, YOU ARE AGREEING IN ADVANCE THAT YOU WILL NOT PARTICIPATE IN OR SEEK TO RECOVER MONETARY OR OTHER RELIEF IN ANY LAWSUIT FILED AGAINST COMMONWEALTH ALLEGING CLASS, COLLECTIVE, AND/OR REPRESENTATIVE CLAIMS ON YOUR BEHALF. INSTEAD, BY AGREEING TO ARBITRATION, YOU MAY BRING YOUR CLAIMS AGAINST COMMONWEALTH ONLY IN AN INDIVIDUAL ARBITRATION PROCEEDING. IF SUCCESSFUL ON SUCH CLAIMS, YOU COULD BE AWARDED MONEY OR OTHER RELIEF BY AN ARBITRATOR. YOU ACKNOWLEDGE THAT YOU HAVE BEEN ADVISED THAT YOU MAY CONSULT WITH AN ATTORNEY IN DECIDING WHETHER TO ACCEPT THIS AGREEMENT, INCLUDING THIS ARBITRATION AGREEMENT.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(b) Arbitration Rules and Forum","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Federal Arbitration Act governs the interpretation and enforcement of this Arbitration Agreement. To begin an arbitration proceeding, you must send a letter requesting arbitration and describing your claim and the relief sought to Corporation Service Company, 84 State Street, Boston, MA 02109. The arbitration shall be commenced and conducted under the Commercial Arbitration Rules of the American Arbitration Association (“AAA”) and, where appropriate, the AAA’s Supplementary Procedures for Consumer Related Disputes (“AAA Consumer Rules”), both of which are available at the AAA website www.adr.org. Your arbitration fees and your share of arbitrator compensation shall be governed by the applicable AAA rules. If AAA is not available to arbitrate, the parties will select an alternative arbitral forum. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The place and manner of the arbitration shall be governed by AAA’s rules. Any judgment on the award rendered by the arbitrator may be entered in any court of competent jurisdiction.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(c) Authority of Arbitrator","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The arbitrator, and not any federal, state, or local court or agency, shall have exclusive authority to resolve any dispute related to the interpretation, applicability, enforceability, or formation of this Arbitration Agreement, including, but not limited to, any claim that all or any part of this Arbitration Agreement is void or voidable. The arbitration will decide the rights and liabilities, if any, of you and Commonwealth. The arbitration proceeding will not be consolidated with any other matters or joined with any other cases or parties. The arbitrator shall have the authority to grant motions dispositive of all or part of any claim. The arbitrator shall have the authority to award monetary damages and to grant any non-monetary remedy or relief available to an individual under applicable law, the arbitral forum’s rules, and the agreement (including the Arbitration Agreement). The arbitrator shall issue a written award and statement of decision describing the essential findings and conclusions on which the award is based, including the calculation of any damages awarded. The arbitrator has the same authority to award relief on an individual basis that a judge in a court of law would have. The award of the arbitrator is final and binding upon you and us.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(d) Waiver of Jury Trial","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"YOU AND COMMONWEALTH HEREBY WAIVE ANY CONSTITUTIONAL AND STATUTORY RIGHTS TO SUE IN COURT AND HAVE A TRIAL IN FRONT OF A JUDGE OR A JURY. You and Commonwealth are instead electing that all claims and disputes shall be resolved by arbitration under this Arbitration Agreement, except as specified above. An arbitrator can award on an individual basis the same damages and relief as a court and must follow this agreement as a court would. However, there is no judge or jury in arbitration, and court review of an arbitration award is subject to very limited review.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(e) Waiver of Class or Consolidated Actions","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"YOU AND COMMONWEALTH AGREE TO WAIVE ANY RIGHT TO RESOLVE CLAIMS WITHIN THE SCOPE OF THIS ARBITRATION AGREEMENT ON A CLASS, COLLECTIVE, OR REPRESENTATIVE BASIS. ALL CLAIMS AND DISPUTES WITHIN THE SCOPE OF THIS ARBITRATION AGREEMENT MUST BE ARBITRATED ON AN INDIVIDUAL BASIS AND NOT ON A CLASS OR REPRESENTATIVE BASIS. ONLY INDIVIDUAL RELIEF IS AVAILABLE, AND CLAIMS OF MORE THAN ONE CUSTOMER OR USER CANNOT BE ARBITRATED OR CONSOLIDATED WITH THOSE OF ANY OTHER CUSTOMER OR USER. In the event that this subparagraph is deemed invalid or unenforceable, neither you nor we are entitled to arbitration and instead claims and disputes shall be resolved in a court.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(f) 30-Day Right to Opt Out","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You have the right to opt out of the provisions of this Arbitration Agreement by sending written notice of your decision to opt out to the following address within thirty (30) days after first becoming subject to this Arbitration Agreement: Corporation Service Company, 84 State Street, Boston, MA 02109. Your notice must include your name, address, and an unequivocal statement that you want to opt out of this Arbitration Agreement. If you opt out of this Arbitration Agreement, all other parts of this Agreement will continue to apply to you. Opting out of this Arbitration Agreement has no effect on any other arbitration agreements that you may currently have, or may enter in the future, with us.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(g) Severability","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Subject to Section 17(e), if any part or parts of this Arbitration Agreement are found under the law to be invalid or unenforceable, then such specific part or parts shall be of no force and effect and shall be severed and the remainder of the Arbitration Agreement shall continue in full force and effect.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(h) Survival of Agreement","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This Arbitration Agreement will survive the termination of your relationship with Commonwealth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"18. GOVERNING LAW","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These Terms of Use are governed by the laws of the Commonwealth of Massachusetts without giving effect to any principles of conflict of law.","marks":[],"data":{}}]}]}}}}},"content":[{"data":{},"marks":[],"value":"Terms of Use","nodeType":"text"}],"nodeType":"entry-hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}},"url":"https://www.commonwealth.com"}},"pageContext":{"slug":"lpl-financial-2026-midyear-outlook-the-market-observatory-video","topicSlug":"market-economic-perspectives"}},"staticQueryHashes":["1305383892","1305383892","2092848105","2092848105","2184437937","2184437937","2856679551","2856679551","4153683896","4153683896","712563084","712563084"]}