Chambers USA 2026 Guide: Banking & Finance Overview
While the loan markets delivered a strong performance in 2025 despite challenges, continued disruptions to the global economy have had a more significant impact in early 2026. Concerns over the effects of artificial intelligence (AI) and renewed conflict in the Middle East have slowed deal-making and financing activity.
While “Liberation Day” tariffs announced in early April 2025 appeared to have had only a short-term effect on the loan market, events in 2026 have presented more persistent challenges. Importantly, the tariffs represented a dramatic change in US economic policy, but one that markets were generally well-equipped to price into asset values.
The conflict between the US and Iran is an event the duration of which is unclear, which will likely have economic ramifications that are not yet well understood. It remains to be seen how market participants will adapt to a disrupted, dynamic and rapidly changing environment.