Group 1 - Long-term bonds are entering a new era due to a new Federal Reserve Chair and uncertainty around interest rates, making reliance on predictions less viable [1] - TLT represents long-term U.S. Treasury bonds, which investors use for safety and diversification, with current price action being crucial [1][2] - In uncertain rate environments, monitoring price rather than guessing is emphasized as a strategy for investors [3][7] Group 2 - The monthly chart of TLT highlights the larger trend in long bonds and key levels to watch as markets deal with inflation, growth concerns, and Fed policy shifts [2][7] - The year 2026 is noted to bring new uncertainty regarding interest rates, impacting long bond attractiveness [7] - Various stock market ETFs are analyzed, with S&P 500 (SPY) returning to a bullish phase and the Dow (DIA) reaching new highs, indicating overall market strength [6][8]

Core Points - The IRS has released tax-code adjustments for 2026, detailing income ranges for long-term capital gains tax rates [1][4] - 2026 will be the first full year under President Trump's tax law, which maintains capital gains tax rates despite other changes [2][3] Tax Rates Summary - Long-term capital gains tax rates remain at 0%, 15%, or 20% based on income levels, with profits from assets held for over a year subject to these rates [3][4] - The maximum taxable income thresholds for the 0% and 15% long-term capital gains rates are as follows: - Individuals: $49,450 for 0% and $545,500 for 15% - Married filing jointly: $98,900 for 0% and $613,700 for 15% - Head of household: $66,200 for 0% and $579,600 for 15% [5] Additional Taxes - A 3.8% net investment income tax applies to individuals with incomes of $200,000 and above, affecting returns from various sources including capital gains [6][7] - The thresholds for the net investment income tax have not changed since its introduction, contrasting with capital gains tax indexing for inflation [6]