Hotter-than-expected inflation and resilient consumer spending reinforce expectations that interest rates may remain higher for longer. The team examines how AI-related capital spending and financing pressures are affecting semiconductor stocks, credit markets, and Treasury demand. Despite shifting rate-hike probabilities, the Federal Reserve is expected to hold rates steady in October, with additional tightening possible in December. Investors should monitor AI financing risks, earnings breadth beyond Nvidia and Micron Technologies, and changes in the S&P 500 valuation multiple when assessing portfolio positioning.

Timestamps

01:52 — Beige Book findings, retail sales, and inflation data

06:14 — Sticky inflation and AI’s near-term economic impact

08:37 — CoreWeave pressures semiconductor stocks and AI financing

15:36 — Treasury rally, FOMC expectations, and credit market conditions

24:18 — Closing guidance and important investor disclosures

Additional Resources:

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This week, our panel examines persistent inflation pressures, shifting expectations for the Federal Reserve and volatility across the Treasury yield curve. They discuss why higher yields may offer attractive fixed-income entry points, while acknowledging the potential for rates to rise further. The conversation also explores AI’s transformative potential, the uncertainty surrounding its long-term investment winners and the importance of maintaining a disciplined approach to portfolio construction.

Speakers:

Brian Pietrangelo, Managing Director of Investment Strategy

George Mateyo, Chief Investment Officer

Rajeev Sharma, Head of Fixed Income

Stephen Hoedt, Head of Equities

Time

02:25 — Economic data highlights inflation pressures and labor market resilience

05:41 — Innovation, economic growth and global debt challenges

07:02 — AI investment opportunities and risks for long-term investors

13:34 — Fed expectations, Treasury volatility and rising yields

22:53 — Important investment disclosures

Additional Resources

National Call Replay: Countdown to the Midterms — Politics, Policy, and Your Portfolio

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Our experts evaluate softer job creation, persistent PCE inflation, and rising Treasury yields as markets reassess the path of Federal Reserve policy. The discussion examines widening credit spreads, pressure in high-yield bonds, and the disconnect between caution in fixed income and continued strength in equities. With questions emerging around AI-related spending and earnings quality, the panel emphasizes shifting toward higher-quality investments, reducing exposure to leveraged companies, and maintaining broad diversification as geopolitical and economic uncertainty contribute to a more selective market environment.

Speakers:

Brian Pietrangelo, Managing Director of Investment Strategy

George Mateyo, Chief Investment Officer

Rajeev Sharma, Head of Fixed Income

Stephen Hoedt, Head of Equities

Time

02:12 — Rising Treasury yields create headwinds for equities

06:44 — Policy discussions and geopolitical risks remain in focus

09:22 — Investors may consider rebalancing risk-asset exposure

11:09 — Treasury yields reach multidecade highs

18:27 — Closing perspective and investor considerations

Additional Resources

National Call Replay: Countdown to the Midterms — Politics, Policy, and Your Portfolio

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This week’s discussion focused on a labor market that is cooling but still stable, renewed geopolitical risk tied to oil prices, and a Federal Reserve that appears more focused on inflation under new leadership. The panel also reviewed the market’s reaction to the June FOMC minutes, the importance of upcoming economic data, and how AI-related spending is influencing both inflation and equity leadership. Investors should watch earnings breadth, rate expectations, and rotation within technology as the second half of the year begins.

Speakers:

Brian Pietrangelo, Managing Director of Investment Strategy

George Mateyo, Chief Investment Officer

Rajeev Sharma, Head of Fixed Income

Stephen Hoedt, Head of Equities

02:01 — Labor market data shows slower payroll growth

04:48 — Middle East risks put oil prices back in focus

09:01 — FOMC minutes point to a more hawkish Fed

14:33 — AI spending drives equity market rotation

21:26 — Closing thoughts for investors

Additional Resources

Read: Key Questions - Is Artificial Intelligence (AI) a “Bubble”?

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Treasury yields moved sharply higher, creating new headwinds for equities and driving rotation beneath the market’s surface. The team examines how elevated diesel and oil prices could sustain inflation, complicate the Fed’s policy path and increase the risk of a policy error. With yields offering more competition for investor capital, portfolios may benefit from reassessing risk-asset exposure and considering opportunities in fixed income. Investors should continue monitoring energy prices, geopolitical developments, Treasury volatility and upcoming FOMC decisions. Hear additional market and investment perspectives during the Key Wealth National Call: Countdown to the Midterms — Politics, Policy, and Your Portfolio on September 29, 2026, at 3:00 PM ET.

Speakers:

Brian Pietrangelo, Managing Director of Investment Strategy

George Mateyo, Chief Investment Officer

Rajeev Sharma, Head of Fixed Income

Stephen Hoedt, Head of Equities

Time

02:12 — Rising Treasury yields create headwinds for equities

06:44 — Policy discussions and geopolitical risks remain in focus

09:22 — Investors may consider rebalancing risk-asset exposure

11:09 — Treasury yields reach multidecade highs

18:27 — Closing perspective and investor considerations

Additional Resources

Register Now: Key Wealth National Call: Countdown to the Midterms — Politics, Policy, and Your Portfolio

Read: Key Questions: Is Kevin Warsh having an “Alan Greenspan Moment?"

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The Federal Reserve raised rates by 25 basis points and signaled that additional increases may follow as inflation remains its primary focus. While the economy and equity markets have shown resilience, investors should prepare for continued uncertainty and volatility. AI investment remains a major driver of earnings and growth, but a slowdown could pressure equities. With the 10-year Treasury yield near 5.00%, real assets may provide additional portfolio diversification amid higher rates and ongoing price pressures. Hear additional market and investment perspectives during the Key Wealth National Call: Countdown to the Midterms — Politics, Policy, and Your Portfolio on September 29, 2026, at 3:00 PM ET.

Speakers:

Brian Pietrangelo, Managing Director of Investment Strategy

George Mateyo, Chief Investment Officer

Rajeev Sharma, Head of Fixed Income

Stephen Hoedt, Head of Equities

Time

02:30 — Retail sales rebound while industrial production levels off

03:39 — The Federal Reserve raises rates and signals further tightening

11:09 — AI investment faces growing political and economic scrutiny

16:35 — Higher yields create pressure across key equity sectors

19:16 — Real assets offer diversification against inflation and market volatility

Additional Resources

Register Now: Key Wealth National Call: Countdown to the Midterms — Politics, Policy, and Your Portfolio

Read: Key Questions: Is Kevin Warsh having an “Alan Greenspan Moment?"

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This week’s discussion examines hotter-than-expected inflation readings and their implications for Federal Reserve policy, global interest rates, and investor positioning. The panel considers why markets are pricing in a potential September rate hike, while higher oil prices and AI infrastructure spending add to inflation pressures. Despite modestly wider credit spreads, demand remains constructive. Investors should monitor policy decisions, longer-term yields, and the effects of elevated borrowing costs on housing and economic activity. Hear additional market and investment perspectives during the Key Wealth National Call: Countdown to the Midterms — Politics, Policy, and Your Portfolio on September 29, 2026, at 3:00 PM ET.

Speakers:

Brian Pietrangelo, Managing Director of Investment Strategy

George Mateyo, Chief Investment Officer

Rajeev Sharma, Head of Fixed Income

Stephen Hoedt, Head of Equities

Time

00:03:40 — Key economic releases and the latest inflation data

00:06:32 — Sticky inflation shifts expectations for Federal Reserve policy

00:09:04 — Markets price a potential September rate hike

00:14:39 — AI infrastructure and data centers support economic growth

00:17:30 — Higher global rates weigh on housing activity

Additional Resources

Register Now: Key Wealth National Call: Countdown to the Midterms — Politics, Policy, and Your Portfolio

Read: Key Questions: Can the Promise of AI Support Today’s Record Capital Spending?

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This week’s discussion examines a stronger-than-expected August employment report and its implications for the Federal Reserve’s September decision. The conversation also covers AI-driven data center investment, narrowing equity market participation, seasonal volatility, and where longer-term municipal bonds may offer relative value amid record issuance and sustained investor demand. Hear additional market and investment perspectives during the Key Wealth National Call: Countdown to the Midterms — Politics, Policy, and Your Portfolio on September 29, 2026, at 3:00 PM ET.

Speakers:

Brian Pietrangelo, Managing Director of Investment Strategy

George Mateyo, Chief Investment Officer

Stephen Hoedt, Head of Equities

Pat Grady, Senior Fixed Income Portfolio Manager

Time

02:12 — Economic growth, employment data, and the August payroll report

05:34 — Strong jobs and implications for the Federal Reserve

08:23 — AI data center investment supports domestic economic activity

12:59 — Market breadth weakens as seasonal volatility approaches

18:36 — Assessing relative value across the municipal bond market

Additional Resources

Register Now: Key Wealth National Call: Countdown to the Midterms — Politics, Policy, and Your Portfolio

Read: Key Questions: Can the Promise of AI Support Today’s Record Capital Spending?

Key Questions

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