Markets appear to be entering a more measured phase after a volatile first half of 2026, Columbia Threadneedle Investments' Anthony Willis says in a note. "The second half of 2026 is likely to hinge on the interaction between inflation, central bank policy and the resilience of global growth, against a backdrop already tested by geopolitical disruption," the senior economist says. A less hostile policy backdrop and resilient growth could support a more constructive market environment in the second half of 2026, he says. (emese.bartha@wsj.com)