Key Wealth Investment Brief
Weekly market and wealth management insights
Our leading experts bring you their timely research and insights on topics that matter most to you. With commentary on Fed activity, inflation, economic growth, interest rates, equity markets, bond markets, investment strategy, and more, our Chief Investment Office delves into today’s trends and tomorrow’s opportunities.
Latest Investment Brief
Monday, 3/30/2026
Previous Weekly Insights
Key Takeaways:
Iran War: No easy way out, but tahe situation can change quickly. President Trump’s tone on the conflict has changed multiple times over the past several days.
Early Monday, a “risk on” tone prevailed as President Trump postponed further strikes on Iranian power plants and infrastructure, citing productive talks with Iranian leadership. Much uncertainty remains.
Since the beginning of the war, we have cautioned that risks are skewed to the downside; we still believe this to be the case.
Even if Trump attempts to pivot, it’s unknowable how others (Iran, etc.) will respond. The tariff-induced Liberation Day was also a “man-made” situation, but the situation in Iran is far more complicated. There is no easy way out, but that doesn’t mean that all hope is lost. It just means higher uncertainty for longer.
The Strait of Hormuz is effectively closed, and the Red Sea could be next. Energy prices have surged, and important infrastructure assets have been attacked, which could be offline for years (keeping oil prices higher for longer). Other commodities, such as fertilizers, have also seen price spikes.
Near-term inflation expectations are surging; longer-term inflation expectations remain steady. Inflation is broadening. The Federal Reserve (Fed) is now in a bind; job growth is slowing, as inflation is rising.
The national price of gasoline rose approximately 30% in the 18 days prior to March 18, to $3.88 per gallon, according to Bianco Research. A change of this magnitude will add 0.5% to 0.6% to the month/month change in the Consumer Price Index, according to Bianco.
U.S. 1-year inflation swaps have increased from approximately 2.4% in early February to more than 3.4% in recent days, according to Evercore ISI1, suggesting market participants are worried about short-term inflation. That said, 5-year 5-year forward breakevens (a measure of expected 5-year inflation during a period that begins 5 years in the future) have remained stable in recent weeks. In other words, long-term inflation expectations are not moving sharply higher (yet).
In his comments last week, Fed Chair Powell expressed confusion over the economic outlook, in large part driven by the conflict in Iran. Market participants have moved from expecting approximately 0.50% of rate cuts in 2026 to now expecting zero cuts (and possibly a rate hike). The current federal funds rate target range is 3.50% to 3.75%.
Job growth remains sluggish, with monthly nonfarm payroll growth oscillating between job gains and job losses in recent months. Layoffs remain muted, suggesting companies are reluctant to significantly cut staff. Continuing claims have also fallen somewhat in recent weeks. “Low hire / low fire” continues to be an apt description for the labor market.
Bottom line – how to cope with extreme uncertainty.
We advise staying diversified, allowing some cash to accrue, but being prepared to put money to work if fear-driven selling becomes rampant. Watch for a spike in implied volatility (VIX), where higher readings (above 43) indicate elevated levels of fear.
We continue to recommend a fully diversified portfolio amidst elevated uncertainty. Non-U.S. stocks have been hit harder (as we thought they would be) but could also recover faster. Similarly, bonds have provided little diversification since the war began. We would be tempted to add to bonds where appropriate.
Energy crunches, while inflationary in the short run, ultimately cause economic growth to slow/contract. Bonds can provide important diversification in such an environment. Lastly, real assets could provide some important support in an increasingly supply-constrained and more volatile world.
Short-term and downside volatility is the price paid to earn long-term outperformance: in the last 75 years, the S&P 500 has experienced an average intra-year decline of 14% but has still finished the year higher 78% of the time, according to Creative Planning.
On Wednesday, March 4, 2026, Key Wealth held a national client call with special guest Brian Portnoy. The discussion centered around factors that drive good financial decisions, the difference between chasing “more” and achieving true financial wellbeing, and how to find clarity when the world feels anything but clear.
The call replay link is above, and some of our own thoughts on these important themes are below.
Accept the fact that uncertainty is always prevalent. Admitting you don’t know what the future holds (no one does) can be somewhat liberating, as it forces you to focus more of your time on what truly matters.
Incorporate a wide range of outcomes into your plan; focus on probabilities not predictions.
Incorporate a “rules-based” approach into your financial plan: “If stocks drop by 10%, I will buy ___%. If stocks drop another 10%, I will buy ___%."
Extend your time horizon and diversify across various scenarios. This means avoiding trying to “time the market” and diversifying by geography, by size, by sector, and by security.
Focus on what’s important and what you can control. You can’t control the future, but you can control your risk profile, time horizon, asset allocation, asset location, investment expenses, and, most importantly, your reaction.
Equity Takeaways:
Stocks were sharply higher in early Monday trading. The S&P 500 rose approximately 2.2%, to 6646. The tech-heavy Nasdaq rose approximately 2.4%, while small caps rose approximately 3.0%. International shares were 2–4% higher.
Last week marked the fourth straight down week for the S&P 500, which was down approximately 5% year-to-date (YTD) through 3/20/26. Underneath the surface, dispersion remains very high, providing a good opportunity for active management.
Earnings growth remains solid, but earnings are not a leading indicator. If the economy were to weaken sharply, earnings would likely follow.
Investor sentiment is not completely washed out. Indicators like the American Association of Individual Investors (AAII) bull-to-bear ratio, as well as new S&P 500 lows, are not indicating selling exhaustion. It is too early to call a contrarian buy signal.
The financial sector has been the worst sector YTD. Only 8% of financial sector stocks are trading above their 50-day moving averages, a low level. If financials can bottom and turn higher, it would be a positive signal for the rest of the market.
The value and high-dividend factors have provided some shelter YTD, both eking out small gains since the start of the year. These indices tend to be composed of more defensive sectors (staples, health care, utilities).
Fixed-Income Takeaways:
Treasury yields moved higher across the curve last week, with more pronounced moves on the front-end of the curve. 2-year Treasury yields moved 18 basis points (bps) higher last week and are approximately 53 bps higher for the month. 10-year Treasury yields were 14 bps higher last week.
In early Monday trading, Treasury yields were 5–6 bps lower, likely in response to President Trump’s latest comments on possible de-escalation of the Iranian conflict. 2-year Treasuries were yielding 3.84%, 5-year Treasuries 3.96%, 10-year Treasuries 4.34%, and 30-year Treasuries 4.91%.
Investors are pricing fewer rate cuts (and potentially rate hikes) in 2026 due to rising inflation fears. During his press conference last week, Fed Chair Powell essentially stated that the Fed will only cut rates if actual progress on inflation is shown.
As Treasury yields rose last week, corporate bond spreads tightened slightly. Investment-grade (IG) corporate bond spreads tightened 5 bps, to 87 bps. High-yield spreads also tightened modestly. Higher-quality bonds are outperforming lower quality bonds amidst the recent volatility.
Federal Open Market Committee (FOMC) Recap
The Fed Is Standing Still – But the Ground Is Shifting
March 18, 2026
Key Takeaways:
- The Fed held rates steady at 3.50% to 3.75%, signaling continued patience but also an uncertain outlook.
- Changes in the Statement point to a more balanced framework.
- Fed Governor Miran dissented in favor of a 0.25% cut.
- Inflation concerns remain, but upside growth is encouraging.
- The dot-plot suggests a measured path forward, not an urgent easing cycle.
- This is not yet a pivot, but the formation of one might be developing.
Policy Decision: Steady, But Not Static
The fed funds rate was left unchanged at a target range of 3.50%–3.75%. The policy statement showed only modest adjustments. Chairman Jerome Powell struck a familiar tone: data-dependent, patient, and measured.
Importantly, the changes to the statement were subtle but telling. The Committee acknowledged a more gradually balanced set of risks, with a modestly reduced emphasis on upside inflation concerns and a growing recognition of potential softening in economic momentum. The statement also noted geopolitical developments, including tensions in the Middle East, as a source of uncertainty. While the overall framework remains intact, these adjustments suggest a Fed that is beginning to shift from a predominantly inflation-focused stance toward a more two-sided risk assessment.
This does not yet constitute a policy pivot, but it does mark a meaningful evolution in how the Committee is framing the balance of risks. If sustained, this shift in tone lays the groundwork for a policy path that is increasingly sensitive to downside risks, not just inflation persistence.
The Dot Plot: A Measured Path, Not a Rush
The updated dot plot reinforces a message of patience. While the distribution shows some dispersion, the center of gravity suggests a gradual and deliberate path, not an aggressive easing cycle.
A meaningful number of participants continue to signal limited cuts this year, with only a small cohort projecting a more pronounced easing path. The presence of lower-end dots highlights growing concern around downside risks – but these remain in the minority. The takeaway is clear: the Committee is open to easing but not yet convinced it is necessary.
SEP: A More Resilient Economy, but Not Yet Mission Accomplished
The March Summary of Economic Projections (SEP) delivered a subtle but important shift in the Fed’s narrative: the economy is proving more resilient than previously expected, even as the path back to price stability remains incomplete. The Fed upgraded its real GDP outlook across all forecast years, signaling stronger underlying momentum:
This broad-based upward revision – particularly the increase in the longer-run estimate – suggests policymakers see less structural drag and greater economic capacity than previously assumed. In short, the economy is not slowing as quickly as expected.
Labor Market: Still Tight, Gradual Cooling
The unemployment rate projections were largely steady, reinforcing the view that labor market rebalancing remains gradual:
Despite restrictive policy, the Fed continues to expect only modest softening in labor conditions, consistent with a soft-landing baseline rather than a recession scenario.
Inflation: Progress, but Still Above Target Near-Term
Personal Consumption Expenditures (PCE) Inflation projections reflect continued disinflation, but not a clean victory:
The upward revision to 2026 inflation underscores a key tension: while inflation is trending lower, it is doing so more slowly than previously expected, keeping the Fed cautious.
What It Means: Stronger Growth Complicates the Policy Path
Taken together, the updated projections reinforce a critical message:
- Stronger growth reduces urgency for rate cuts.
- Persistent inflation limits the Fed’s flexibility.
- A soft landing remains the base case, but not a guaranteed outcome.
The combination of firmer growth and stickier inflation helps explain why the Committee remains hesitant to signal an aggressive easing cycle. If anything, the SEP suggests the Fed is becoming more confident in the economy’s durability but less confident that inflation will return to target quickly.
Powell’s Press Conference: Calm, Controlled, Intentional
Chair Powell’s messaging was consistent with the statement and projections. He emphasized continued data dependence, confidence that policy is appropriately restrictive, and a willingness to remain patient as conditions evolve. As Powell emphasized, “We are well positioned to wait for greater confidence before making any adjustments to our policy stance.” Importantly, Powell avoided signaling urgency around rate cuts. At the same time, he did not push back against the idea that risks are becoming more balanced.
Chair Powell said he will serve as chairman until his successor is confirmed by the Senate. He also said he has no intention to leave the Fed until the ongoing DOJ investigation is over. He stated that he has not yet made a decision as to whether he will complete his term as a Fed board member (which ends in 2028). This pushes back against the case for a dovish tilt premised on Kevin Warsh taking over as Chair in the near term.
On broader issues – including geopolitical developments and leadership uncertainty – Powell remained measured, reinforcing the Fed’s commitment to its mandate while acknowledging an increasingly complex backdrop. In the words of Powell himself, “I want to emphasize, nobody knows, the economic effects could be smaller or much bigger. We just don’t know.”
What This Means for Investors
For investors, this meeting reinforces a critical shift that the Fed is moving from a one-sided inflation fight to a two-sided risk framework. This shift has meaningful implications:
- Front-end rates may remain anchored in the near term.
- Volatility could increase as markets recalibrate around timing and magnitude of rate cuts.
- Credit markets will continue to balance higher yields against widening risk considerations.
- Portfolio positioning should remain disciplined, with a focus on liquidity, high credit quality, and flexibility.
Importantly, today’s environment continues to reward incremental yield capture, particularly as spreads have widened relative to earlier in the year.
The Bottom Line
The Fed did not move rates, but its narrative is evolving. This is not yet a pivot or a signal of imminent easing. This is something more subtle and arguably more important; it’s a shift in how the Fed sees the world. And when that changes, policy is never far behind.
Key Takeaways:
Our “three disruptive forces” that we previously wrote about in our 2026 Market and Economic Outlook: Managing Wealth in an Age of Massive Disruption and Profound Change continue to collide, causing major disruptions (and challenges and opportunities, too).
1) The democratization of private markets is facing strains as investors’ misunderstanding/misuse of illiquidity has created challenges. Emotionally-driven selling can create opportunities for patient and diligent investors. We continue to recommend selective exposure to private investments where appropriate.
2) The democratization of private markets helped (indirectly) give rise to artificial intelligence (AI), but now “disruption from within” has triggered fears over job displacement and major industry disarray (i.e., software). This could pose medium-term challenges, but the longer-term benefits from AI could be immense, providing opportunities for patient investors.
3) The war in Iran escalated further last week, another example of our third theme for 2026: nationalism. We still believe the conflict could last several weeks (not days), but risks are growing, suggesting the conflict could last a few months. If so, complacent investors could capitulate, creating near-term volatility. Yet, while short-term risks are negatively skewed, if our base case call of “no recession” ultimately plays out, opportunities will emerge for long-term investors.
With respect to Iran, as noted last week (and again above), risks are skewed to the downside (i.e., troops on the ground; terrorist attack in the U.S., etc.), but things could quickly surprise on the upside (i.e., Iran concedes; Trump declares victory, etc.). The Strait of Hormuz remains effectively closed for now.
What would likely trigger a recession? Oil prices at more than $140/barrel and gasoline at more than $4/gallon for some period of time. Higher prices at the pump are initially inflationary, but ultimately deflationary. We don’t believe today’s situation will be a repeat of the 1970s, but we continue to recommend real assets as a strong portfolio diversifier.
Bottom line – how to cope with extreme uncertainty.
We advise staying diversified, allowing some cash to accrue, but being prepared to buy the dip if fear-driven selling becomes rampant. Watch for a spike in implied volatility (VIX), where higher readings (above 43) indicate elevated levels of fear.
On Wednesday, March 4, 2026, Key Wealth held a national client call with special guest Brian Portnoy. The discussion centered around factors that drive good financial decisions, the difference between chasing “more” and achieving true financial wellbeing, and how to find clarity when the world feels anything but clear.
The call replay link is above, and some of our own thoughts on these important themes are below.
Accept the fact that uncertainty is always prevalent. Admitting you don’t know what the future holds (no one does) can be somewhat liberating as it forces you to focus more of your time on what truly matters.
Incorporate a wide range of outcomes into your plan; focus on probabilities not predictions.
Incorporate a “rules-based” approach into your financial plan: “If stocks drop by 10%, I will buy ___%. If stocks drop another 10%, I will buy ___%."
Extend your time horizon and diversify across various scenarios. This means avoiding trying to “time the market” and diversifying by geography, by size, by sector, and by security.
Focus on what’s important and what you can control. You can’t control the future, but you can control your risk profile, time horizon, asset allocation, asset location, investment expenses, and, most importantly, your reaction.
Equity Takeaways:
Stocks rose in early Monday trading. The S&P 500 rose approximately 1.1%, to 6706. The tech-heavy Nasdaq rose approximately 1.3%, while small caps rose a similar amount. International shares were generally 1.5% to 2.5% higher.
Recent price action for the S&P 500 Index has remained rangebound, but continued signs of weakness are emerging. The recent pattern is similar to the late 2024 / early 2025 pattern prior to the “Liberation Day” selloff in April 2025.
Volatility seems likely to continue over the near-term. The 21-day moving average for the S&P 500 crossed below the 100-day moving average, implying that the stock market is no longer in an uptrend. Markets that are no longer trending higher tend to be more vulnerable to corrections.
Correlation between stocks has also increased (also similar to what we saw in early 2025). Correlation generally increases during volatile periods, as investors tend to sell assets en masse.
Overall stock market volatility has surged relative to individual single stock volatility. This type of market action is another sign that macroeconomic events are driving stock prices, and individual company fundamentals are taking a backseat for the moment.
Last week was unprecedented in terms of oil price volatility. Last Monday, March 9, West Texas Intermediate (WTI) crude oil traded within a trading range of $38 on a single day (intraday high to low). For the entire week, WTI crude traded as low as around $80/barrel before closing close to $100/barrel.
Fixed Income Takeaways:
Treasury yields have risen across the curve in recent weeks, with short-term yields rising more than long-term yields (a.k.a., a “bear flattener”). In early Monday trading, yields were falling 5–7 basis points (bps) across the curve, reversing some of the recent rise. Overall, 2-year Treasuries were yielding 3.68%, 5-year Treasuries 3.81%, 10-year Treasuries 4.22%, and 30-year Treasuries 4.86%.
Expectations for near-term Federal Reserve (Fed) rate cuts have diminished in recent weeks due to rising inflation expectations. Two-year Treasury yields have risen by more than 30 basis points since the beginning of March. Short-term Treasury yields are more sensitive to Fed policy expectations than long-term Treasury yields.
The Fed will release their next Summary of Economic Projections (SEP) this week on Wednesday, March 18. The Fed is not expected to cut rates this week, but their comments on the forward outlook for inflation, economic growth, and interest rates will be closely watched.
New-issue corporate bond supply has been very heavy in March. Most deals have received solid demand, nevertheless spreads have widened somewhat in recent weeks. We continue to favor bonds from higher-quality, liquid issuers in today’s uncertain market.
Key Takeaways:
Our “three disruptive forces” that we previously wrote about in our 2026 Market and Economic Outlook: Managing Wealth in an Age of Massive Disruption and Profound Change are still causing major disruptions (and creating opportunities, too).
Last week, we noted that the war in Iran would last weeks (not days), stating that these attacks are different from those of June 2025. We also stated that Iran’s new leader and the scope of the war are key determinants of the outcome. This weekend, a new “hardline” leader was announced, and the war has escalated.
Last October (and again in February), we noted that artificial intelligence (AI) has entered a riskier phase. The war in Iran is overshadowing the AI narrative for now, yet we still believe that AI has the potential to unleash massive productivity and massive disruption. The timing of these dynamics is unknowable; diversification is strongly advised.
Private credit (which has been at the forefront of the democratization of private assets and AI) remains in the crosshairs, also giving rise to uncertainty and unknowable spillover effects. Some investors seem surprised over the lack of instant liquidity, yet illiquidity has always been a feature of alternative assets. Alternative managers now face a “narrative problem.” These achallenges don’t resolve quickly, but they can present potential outsized returns to investors who are patient and opportunistic. Due to structural opacity, volatility will likely persist, but we advise remaining disciplined and staying diversified.
Bottom line: Amidst these three forces of disruption and such immense uncertainty, we believe three strategies are warranted: 1) stay invested and avoid market timing; 2) focus on what you can control and compartmentalize what you can’t; and 3) harness volatility to strengthen portfolio diversification.
The war in Iran has escalated materially. President Trump has demanded “unconditional surrender,” while strikes on nonmilitary infrastructure could widen the war’s impact on Iranian civilians.
Over the weekend, Iran appointed Mojtaba Khamenei as the country’s new Supreme Leader. He is the 56-year-old son of former Supreme Leader Ali Khamenei and is likely to follow hardline ideologies. His formative years were spent fighting in the Iran/Iraq war; he has close ties to the military; and he lost his father, mother, wife, and son in recent attacks. President Trump called the appointment “unacceptable.”
Last week, oil prices rose more than 40% as the scope of the Iran conflict widened. Investors also moved into the safe haven of the U.S. dollar. The dollar index rose 1.3% versus the global currency basket on the week, while non-U.S. stock indices generally fell 7–10%. Since the start of the year, oil prices have risen more than 50%.
In overnight Sunday trading, oil prices spiked near $120 per barrel in thin trading before pulling back. By Monday’s opening bell, both West Texas Intermediate and Brent crude had stabilized just above $100.
The Strait of Hormuz is effectively closed due to the escalating conflict; very few ships are currently attempting passage. Approximately 20% of global oil demand and 20% of liquified natural gas (LNG) typically pass through the Strait daily, according to the U.S. Energy Information Administration (EIA).2 The longer the Strait remains closed, the more pressure we will see on global energy markets.
Despite the shock of higher oil prices, a recession is not a foregone conclusion. Rallies of over 100% in oil prices tend to put severe pressure on the economy, if maintained for several quarters, according to data from Alpine Macro. A sustained rally well above $100 for several quarters could damage the economy, but would Trump tolerate such a move in a mid-term election year?
Despite high volatility in global stock markets, global bond markets have held up reasonably well. Spreads widened last week, but the move was orderly. Global bond markets are not showing signs of panic yet.
Bottom line – how to cope with extreme uncertainty.
On Wednesday, March 4, 2026, Key Wealth held a national client call with special guest Brian Portnoy. The discussion centered around factors that drive good financial decisions; the difference between chasing “more” and achieving true financial wellbeing; and how to find clarity when the world feels anything but clear.
The call replay link is above, and some of our own thoughts on these important themes are below.
Accept the fact that uncertainty is always prevalent. Admitting you don’t know what the future holds (no one does) can be somewhat liberating, as it forces you to focus more of your time on what truly matters.
Incorporate a wide range of outcomes into your plan; focus on probabilities not predictions.
Incorporate a “rules-based” approach into your plan: “If stocks drop 10%, I will buy ___%. If stocks drop another 10%, I will buy ___%."
Extend your time horizon and diversify across various scenarios. This means avoiding trying to “time the market” and diversifying by geography, by size, by sector, and by security.
Focus on what’s important and what you can control. You can’t control the future, but you can control your risk profile, time horizon, asset allocation, asset location, investment expenses, and, most importantly, your reaction.
Equity Takeaways:
Stocks fell in early Monday trading. The S&P 500 fell approximately 1.5%, to 6642. The tech-heavy Nasdaq fell approximately 1.3%, while small caps fell approximately 2.9%. Non-U.S. shares remained under pressure, generally falling 1.5% to 2.5%.
The S&P 500 had been in a trading range since last October. The market finally broke lower last week and opened lower again on Monday. The 200-day moving average (currently about 6582) is now an important support level.
Signs of panic and stress are increasing. The spread between spot implied volatility (VIX) and the 3-month VIX future inverted last Friday. An inverted volatility curve tends to indicate panic, and in the past it has marked tradeable bottoms. This indicator is one of our favorite tactical indicators in times of panic.
Volatility has been trending higher all year. The VIX spiked to approximately 29.0 last week, versus its long-term average of 19.0. In early Monday trading, the VIX was approximately 31.4. Even in the low 30s, the VIX remains below levels that have historically generated outsized positive returns.
Fixed Income Takeaways:
Treasury yields rose last week as investors feared the inflationary impact of rising oil prices: 2-year Treasury yields rose 19 basis points (bps), and 10-year Treasury yields rose 20 bps during the week.
In early Monday trading, yields were 2–3 basis points higher across the curve. Overall, 2-year Treasuries were yielding 3.59%, 5-year Treasuries 3.75%, 10-year Treasuries 4.17%, and 30-year Treasuries 4.79%.
In recent weeks, the 2-year / 10-year Treasury curve has flattened as investors have begun to price fewer Federal Reserve (Fed) rate cuts for the full year 2026. For example, 2-year Treasury yields have risen relative to 10-year yields; 2-year Treasury yields are more sensitive to rate cut expectations than 10-year yields.
Credit spreads reached their narrowest levels in late January and have been drifting wider ever since. The move has been orderly. The spread on the investment-grade (IG) credit index reached 84 bps last week, about 12 bps higher than the January lows. The spread on the high-yield index was 293 bps last week, about 40 bps higher since late January.
Chief Investment Office
Our experts provide you with the details you need and the insights you expect from Key Private Bank.
1
Source: Evercore ISI, Macro Research (February–March 2026)
2
U.S. Energy Information Administration, “Strait of Hormuz remains critical oil chokepoint.”
We gather data and information from specialized sources and financial databases including but not limited to Bloomberg Finance L.P., Bureau of Economic Analysis, Bureau of Labor Statistics, Chicago Board of Exchange (CBOE) Volatility Index (VIX), Dow Jones / Dow Jones Newsplus, FactSet, Federal Reserve and corresponding 12 district banks / Federal Open Market Committee (FOMC), ICE BofA (Bank of America) MOVE Index, Morningstar / Morningstar.com, Standard & Poor’s and Wall Street Journal / WSJ.com.
Key Wealth, Key Private Bank, Key Family Wealth, KeyBank Institutional Advisors and Key Private Client are marketing names for KeyBank National Association (KeyBank) and certain affiliates, such as Key Investment Services LLC (KIS) and KeyCorp Insurance Agency USA Inc. (KIA).
The Key Wealth Institute is comprised of financial professionals representing KeyBank National Association (KeyBank) and certain affiliates, such as Key Investment Services LLC (KIS) and KeyCorp Insurance Agency USA Inc. (KIA).
Any opinions, projections, or recommendations contained herein are subject to change without notice, are those of the individual author(s), and may not necessarily represent the views of KeyBank or any of its subsidiaries or affiliates.
This material presented is for informational purposes only and is not intended to be an offer, recommendation, or solicitation to purchase or sell any security or product or to employ a specific investment or tax planning strategy.
KeyBank, nor its subsidiaries or affiliates, represent, warrant or guarantee that this material is accurate, complete or suitable for any purpose or any investor and it should not be used as a basis for investment or tax planning decisions. It is not to be relied upon or used in substitution for the exercise of independent judgment. It should not be construed as individual tax, legal or financial advice.
The summaries, prices, quotes and/or statistics contained herein have been obtained from sources believed to be reliable but are not necessarily complete and cannot be guaranteed. They are provided for informational purposes only and are not intended to replace any confirmations or statements. Past performance does not guarantee future results.
Investment products, brokerage and investment advisory services are offered through KIS, member FINRA/SIPC and SEC-registered investment advisor. Insurance products are offered through KIA. Insurance products offered through KIA are underwritten by and the obligation of insurance companies that are not affiliated with KeyBank.
Non-Deposit products are:
NOT FDIC INSURED • NOT BANK GUARANTEED • MAY LOSE VALUE • NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL OR STATE GOVERNMENT AGENCY