Key Wealth Matters

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel delves into the ongoing volatility from President Trump's on-again/off-again tariffs, the public tensions between Trump and Federal Reserve Chair Jerome Powell and the question of a Fed free of political influence, and what happened with earnings in the first quarter of 2025.  01:52 – Both new unemployment claims and continuing unemployment claims remained stable, despite recent and ongoing market volatility.  02:20 – Existing home sales fell in March by 5.9%, the biggest month-over-month decline since November 2022.    02:57 – The Federal Reserve's Beige Book report came out on Wednesday, showing that economic activity changed very little since the previous report.  03:06 – Comments on shifting U.S. tariff policy, including American and Chinese leadership's concession that things might have gotten out of hand, and Treasury Secretary Scott Bessent's hints at lower tariffs in the future.  07:18 – Discussion on President Trump's public battle with Fed Chair Powell on interest rates, questions around the Powell's job security and the notion of an independent Federal Reserve, and how this all impacts the bond market.  12:08 – Analyzing the relatively small 6% dip to the equity markets year-to-date amid ongoing volatility, and how negative sentiment and positive momentum can work together to push the market higher.  17:35 – Looking ahead to next week's earnings reports and indicators to watch out for, chiefly Friday's employment report.  Additional ResourcesKey Questions: What Is the Mar-a-Lago Accord and Why Should Investors Care? | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterWeekly Investment BriefFollow us on LinkedIn250425-3182628

In this week's jam-packed Market Minutes recap, hear from our team of experts as they share their perspectives on the latest economic reports. Our panel shares detailed insights into CPI inflation, initial unemployment claims, tariffs, the equities and bond market, and rate cuts.  Speakers:Brian Pietrangelo, Managing Director of Investment StrategyRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities03:48 – The Bureau of Labor Statistics released a favorable Consumer Price Index (CPI) inflation report showing inflation for March, month-over-month, declined for the first time since May 2020, at -0.1%04:47 – Initial unemployment claims for the week ending April 5 were reported at 223,000, remaining stable05:41 – Comments on the considerable market volatility, within the equities market, brought on by recent U.S. tariff policies 11:41 – Mentions of ‘Prospect Theory', and a reminder of its principles, as the equities market, more specifically the Volatility Index (VIX), looks to be in crisis mode 14:20 – Remarks on bond market volatility and its effect on credit spreads, investment grades and yields19:08 – While a 90-day pause on reciprocal tariffs has been announced by the President, the Federal Reserve (Fed) may follow suit with a pause on cutting rates at the next two upcoming Federal Open Market Committee (FOMC) meetings20:10 – Final comments on what U.S. companies are doing to prepare earnings guidance for the second quarter (Q2:2025) after the uncertainty regarding tariffsAdditional ResourcesKey Questions: Do Cracks in the Credit Markets Mean US Corporates' Financial Health Has Cracked? | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterWeekly Investment BriefFollow us on LinkedIn

In this week's jam-packed Market Minutes recap, hear from our team of experts as they share their perspectives on the latest economic reports. Our panel shares detailed insights into the ISM Report on Business, new non-farm payroll data, tariffs, the equities market, and rate cuts. Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities01:13 – The ISM Report on Business was released and indicators showed Manufacturing has continued to remain in a contractionary phase, while Services continues to be in an expansionary phase for the fifth year01:49 – The Bureau of Labor Statistics New Non-Farm Payroll was reported above expectations for March at 228,000 02:32 – Reactions on the recent White House press conference surrounding U.S. President Trump's executive order on tariffs03:06 – Comments on the new U.S. tariff policy, soon to be established, and what can U.S. and global markets expect from both universal and reciprocal tariffs08:38 – Remarks on the equities market and its volatility after the new tariff policy was signed into order; experts are seeing possible trends in the markets with the current U.S. economy, similar to the initial shock in the economy during the COVID-19 Pandemic12:59 – Based on recent ISM Report on Business and the new U.S. tariff policy, the bond market is predicting a higher chance of the U.S. economy heading into a recession, calling for the Federal Reserve to implement rate cuts, more than initially expected, in 202517:12 – Final comments on remaining invested in high-quality, diversified portfolios Additional ResourcesKey Questions: How Much Tech Do You Really Own? | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterWeekly Investment BriefFollow us on LinkedIn

In this week's jam-packed Market Minutes recap, hear from our team of experts as they share their perspectives on the latest economic reports. Our panel shares detailed insights into the U.S. Consumer Confidence report, GDP, PCE inflation, equities, the credit market, and municipal bonds. Speakers:Brian Pietrangelo, Managing Director of Investment StrategyRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of EquitiesTim McDonough, Director of Fixed Income Portfolio Management03:20 – The Conference Board's U.S. Consumer Confidence report was released and showed a decline in overall consumer confidence due to factors such as the stock market, inflation, and others03:58 – The final estimate of Gross Domestic Product (GDP) for the fourth quarter 2024 was reported at 2.4%, slightly revised up from prior estimates 04:41 – The Bureau of Economic Analysis reported Core PCE inflation at 0.4% month-over-month in February, as well as 2.8% year-over-year, both unfavorable06:11 – Comments on the equities market and how the market's volatility is influencing investors' thinking surrounding trades11:31 – Though the recent PCE inflation report was less than favorable, the credit markets, investment grade and high yield bond spreads don't seem to be adversely affected by the reading, as of now15:22 – Remarks on the municipal bond market and changing dynamics of yield opportunities for investorsAdditional ResourcesKey Questions: How Much Tech Do You Really Own? | Key Private BankKey Questions: How Do We Invest in Tech? | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterWeekly Investment BriefFollow us on LinkedIn

In this week's jam-packed Market Minutes recap, hear from our team of experts as they share their perspectives on the latest economic reports. Our panel shares detailed insights into the recent FOMC meeting, credit markets, and the yield curve Speakers:Brian Pietrangelo, Managing Director of Investment StrategyCindy Honcharenko, Director of Portfolio ManagementGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeKey points include:01:34 - This Week's Market and Economic Updates: February 2025 saw a 0.2% increase in retail sales, a 0.7% increase in industrial production, and a 4.2% increase in existing home sales04:19 - FOMC Meeting: The Fed kept the federal funds rate unchanged at 4.25% to 4.50%, with projections for 2025 including 1.7% real GDP growth, 2.8% core PCE inflation, and 4.4% unemployment09:52 - Credit Markets: Credit spreads remain resilient despite market volatility, with high demand for corporate bonds13:44 - Yield Curve: The yield curve steepened after the Fed meeting, with front-end yields moving lower faster than longer-term yields14:43 - Sentiment and Volatility: Equity market sentiment is bearish, similar to levels seen in 2009The episode concludes with the panelists sharing their basketball predictions for the NCAA tournament.Additional Resources3/19 FOMC RecapKey Questions: How Much Tech Do You Really Own? | Key Private BankKey Questions: How Do We Invest in Tech? | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the JOLTS report, CPI and PPI data, the equities market, tariffs, foreign government spending, the credit market, and the upcoming FOMC meeting.  Speakers:Brian Pietrangelo, Managing Director of Investment StrategyDonald Saverno, Director of Investment ResearchRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities01:46 – The Job Openings and Labor Turnover Survey (JOLTS) report was outlined 7.7 million job openings for January 01:58 – Both Consumer Price Index (CPI) and Producer Price Index (PPI) reports were released with CPI inflation down 0.2% from January, reporting at 2.8% for February02:56 – Comments on the recent equities market volatility after this week's 10% drop09:48 – Comments on tariffs and government spending among other foreign markets such as Europe and China; While the U.S. equities market seems to be in a down trend, other nations don't seem to share the same trend15:59 – Comments on the admirable resilience of the credit market, investment grades, and high yield bond spreads due to an abundance of liquidity 18:18 – Expectations for the upcoming Federal Open Market Committee (FOMC) meeting  and how recent economic data such as CPI, PPI, and PCE inflation rates and reports may affect the conversationAdditional ResourcesKey Wealth National Call Replay Key Questions: How Much Tech Do You Really Own? | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedInKBCM Disclosure

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into PMI data, the Fed's Beige Book, the Employment Situation Report, the credit market, the U.S. dollar, and the upcoming Key Wealth National Call.  Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities01:28 – The Purchasing Managers' Index (PMI) revealed the overall manufacturing data dropped from January to February still proving manufacturing is in a contractionary state longer-term 02:27 – The Federal Reserve (Fed) released their Beige Book of economic data 03:15 – The Employment Situation Report showed the nonfarm payroll data at 151,000, with modest revisions for December and January   07:57 – Comments on the credit market, investment grade and high yield bond spreads  15:44 – Comments on the U.S. dollar and how it's being impacted by trade policies and implementation of tariffs 19:05 - Reminder for the upcoming Key Wealth National Call Wednesday, March 12th at 1:00pm EST/10:00am PST Additional ResourcesKey Questions: How Do We Invest in Tech? | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedInKBCM Disclosure

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into initial unemployment claims, PCE inflation, equities, treasuries, consumer spending, and the upcoming Key Wealth National Call.    Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities02:51 - Initial unemployment claims for week ending February 22 were reported at 242,000 03:51 – Personal Consumption Expenditures (PCE) inflation month-over-over was reported at 0.3% for both the overall and core inflation. In addition, year-over-year for January was reported at 2.5% overall and 2.6% for core inflation05:02 – Comments on equities and volatility that was seen from specific stocks like NVIDIA this week, but was overshadowed by fears of a recession07:47 – Comments on treasuries, specifically the 10-year Treasury yield as it fell 30 basis points after peaking less than 20 days prior 12:39 – Remarks on the overall consumer and how the threat of tariffs may soon be affecting consumer spending14:56 – We hear how customer-centric companies such as Home Depot, Lowes, and Walmart are reacting to overall consumer spending, and the effect it's having on their earnings 21:24 – Reminder for the upcoming Key Wealth National Call Wednesday, March 12th at 1:00pm EST/10:00am PSTAdditional ResourcesKey Questions: Q4 Earnings Recap "What Did We Learn From Fourth Quarter Earnings?" | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedInKBCM Disclosure

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into initial unemployment claims, the concept of a “Mar-A-Lago Accord”, the credit market, the FOMC meeting minutes, and the upcoming Key Wealth National Call.   Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities01:40 – Initial unemployment claims for week ending February 15 were reported at 219,000 02:21 – Remarks on recent economic activity and what can be expected 03:41 – Comments on a new proposed concept, potentially called the “Mar-A-Lago Accord” and what it means for the dollar, the markets and the economy11:31 – Comments on the credit market and its performance, tying into the Federal Reserve's stance and independence 14:13 – Takeaways from the recently released January Federal Open Market Committee (FOMC) meeting minutes 16:29 – Final comments about remaining invested and diversified within your portfolio 17:24 – Reminder for the upcoming Key Wealth National Call Wednesday, March 12th at 1:00pm EST/10:00am PSTAdditional ResourcesKey Questions: Q4 Earnings Recap "What Did We Learn From Fourth Quarter Earnings?" | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into CPI inflation data, retail sales, corporate earnings, the credit market, and commodity trends.   Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities02:00 – The Consumer Price Index (CPI) reported an increase of 3.0% for all items year-over-year for January, higher than the prior month02:43 – Retail sales declined 0.9% month-over-month in January 03:39 – Comments on recent economic data and how it seems inflation is still running hotter than expected07:04 – While fourth quarter 2024 earnings have performed above expectations, it is expected the overall growth for 2025 will be less than 15% 11:27 – Remarks on the credit market as they continue to not show volatility due to the increased demand 15:51 – Comments on trends in commodities, such as copper and gold 18:16 – Final comments about remaining invested and diversified within your portfolio Additional ResourcesKey Questions: Do the California Wildfires Put Any Investment at Risk? | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into PMI data, the JOLTS report, Nonfarm Payrolls, potential rate cuts, the yield curve, fourth quarter earnings, recent tariff policies, and Super Bowl LIX predictions.   Speakers:Brian Pietrangelo, Managing Director of Investment StrategyConnor Cloetingh, Director of Investment Research Rajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities01:20 – ISM Purchasing Managers' Index (PMI) registered at 50.9% in January for manufacturing, representing expansion taking place after 26 months of contraction02:02 – The Job Openings and Labor Turnover Survey (JOLTS) reported a decrease in job openings for January at 7.6 million 02:26 – The Employment Situation Summary reported new nonfarm payrolls for January at 143,000. Furthermore, both reports from November and December were revised upward03:43 – Based on the recent economic data, we hear comments on what we can anticipate the data-dependent Federal Reserve (Fed) will do next regarding 2025 rate cuts06:03 – Remarks on the yield curve, and U.S. Secretary of Treasury Scott Bessent's support on issuing treasury debt in the form of bills instead of treasury bonds 07:13 – Comments on the earnings market and recent tariff policies put into place on Canada and Mexico14:52 – The team gives their predictions on who will win Super Bowl LIXAdditional ResourcesKey Questions: Does the Social Security Fairness Act Affect Me? | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into fourth quarter GDP, PCE inflation, the FOMC meeting, the equities market, and artificial intelligence (AI).  Speakers:Brian Pietrangelo, Managing Director of Investment StrategyCindy Honcharenko, Director of Fixed Income Portfolio Management George Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities02:01 – Gross Domestic Product for the U.S. fourth quarter 2024 advance estimate, at an annualized rate, was 2.3%. 02:42 – The Personal Consumption Expenditures (PCE) price index was released and measured inflation at 2.8% year-over-year for December, excluding food and energy 03:20 – A recap of this week's Federal Open Market Committee (FOMC) meeting11:12 – Comments on the DeepSeek panic earlier this week in the tech industry, and how it's been affecting the equities market16:39 – Remarks on the AI ‘killer app' and its benefits to the economy. Additional ResourcesKey Questions: Will AI Live Up to The Hype? | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the initial unemployment claims, the equities market, interest rates, and the upcoming FOMC meeting.  Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities01:18  – Initial unemployment claims for the week ending January 18th came in at 223,00002:05 – Remarks on the unexpected surge in stock market participation (breadth) amid the inauguration of a new presidential administration  08:31 – As Trump 2.0 takes shape, we hear how the president will potentially attempt to influence the Federal Reserve (Fed) to lower interest rates13:33 – Final comments on this week's data trends, the upcoming Federal Open Market Committee (FOMC) meeting, and recent presidential orders enacted this week Additional ResourcesKey Questions: Will AI Live Up to The Hype? | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the Beige Book, CPI data, the stock and bond markets, tariffs, the debt ceiling, and Key Wealth's 2025 Outlook.  Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities02:07 – The Federal Reserve released its Beige Book in advance of the Federal Open Market Committee (FOMC) meeting on January 29th03:21 – The Consumer Price Index (CPI) was reported at 0.4% on all items for the month of December, and excluding food and energy, the CPI was reported at 0.2%06:48 – As we ease into 2025, we hear about the equities market and the CPI data's effect on it10:07 – Amid Treasury Secretary Designate, Scott Bessent's confirmation, and the plan to gradually increase tariffs, we hear comments on how it may affect the bond market and inflation15:05 – Remarks on Bessent's recent comments on the concept of potentially removing the US debt ceiling and the bond market's skepticism that it could be accomplished 16:10 – Final comments highlighting the recent release of Key Wealth's 2025 OutlookAdditional ResourcesKey Questions: Are Financial Stocks More Attractive Under a Second Trump Administration? | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the JOLTS report, the Employment Situation, treasury yields, the Fed, and tariff policies. Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities01:28 – A recap of important economic news reported in December you may have missed03:23 – The Job Openings and Labor Turnover Survey (JOLTS) report at 8.1 million in November, supporting strength in the employment market04:00 – The Employment Situation Summary reported total nonfarm payroll employment at 256,000 05:00 – Based on recent economic data, the U.S. economy continues to prevail  06:51 – The release of the nonfarm payroll report continues to put pressure on treasury yields as the 10-year treasury yield increased nearly 20 basis points in less than two weeks 11:29 – As the new U.S. presidential administration prepares to enter office, the Federal Reserve (Fed) may have to shift its stance on not just being data dependent, but also fiscal policy dependent 13:07 – Though the new U.S. presidential administration hasn't taken office yet, the impact of the tariff conversation seems to have already taken afoot. Canada's Prime Minister, Justin Trudeau, has announced his resignation and the country may be headed toward a ‘right-side' political environment Additional ResourcesKey Questions: Are Financial Stocks More Attractive Under a Second Trump Administration? | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's jam-packed Market Minutes recap, hear from our team of experts as they share their perspectives on the latest economic reports. Our panel shares detailed insights into the FOMC meeting, GDP, and predictions for 2025.  Speakers:Brian Pietrangelo, Managing Director of Investment StrategyCindy Honcharenko, Director of Portfolio Management George Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities01:31 – The Federal Reserve (Fed) cut rates by 25 basis points at the recent Federal Open Market Committee (FOMC) meeting01:56 – The Bureau of Economic Analysis released the third quarter GDP analysis, showing an increase at an annual rate of 3.1%03:34 – A recap from this week's FOMC meeting06:42 – Comments on the sharp reaction from the markets after the confusion surrounding the FOMC meeting and Fed Chair Powell's press conference08:30 – Comments on the hawkish rate cut, and what we can expect from the Fed going into 202511:33 – The team gives their perspectives on what surprised them in the economy this past year in 202414:36 – The team gives their predictions on what economic activity can be expected in 2025Additional ResourcesKey Questions: Investment Manager Outperformance: Skill vs. Luck | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's jam-packed Market Minutes recap, hear from our team of experts as they share their perspectives on the latest economic reports. Our panel shares detailed insights into the initial unemployment claims, CPI data, next week's FOMC meeting, the bond and equities markets. Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities02:21 – Initial unemployment claims for the week ending December 7 were reported at 242,00002:51 – The Consumer Price Index was released and is higher than expected; CPI data for November shows a 0.1% increase from October reported at 2.7% year-over-year04:02 – Comments on this week's economic data and how the Federal Reserve (Fed) may decide on interest rates during the next week's FOMC meeting following the data releases07:31 – Based on the CPI data, the bond market is anticipating a 25 basis point rate cut at next week's FOMC meeting. We can also expect a summary of the Fed members' 2025 economic projections 11:20 – Remarks on what is forecasted next year in the equities market based on the Fed and this year's economic data pattern; equities such as cyclicals and other sectors that may benefit from less regulation amid the new U.S. presidential administration taking office16:10 – Final comments on additional investment content available on www.key.com/wealthinsights.Additional ResourcesKey Questions: Investment Manager Outperformance: Skill vs. Luck | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's jam-packed Market Minutes recap, hear from our team of experts as they share their perspectives on the latest economic reports. Our panel shares detailed insights into the PMI reports, initial unemployment claims, the Employment Situation report, the Beige Book, our 2025 investment and economic outlook, and the upcoming FOMC meeting .Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities01:23 – The Purchasing Managers' Index (PMI) reported Manufacturing higher in November, while Services came in lower in November02:36 – Initial unemployment claims for the week ending November 30 were reported at 224,00002:56 – The Employment Situation reported new non-farm payrolls at 227,000 in November; The unemployment rate remained relatively the same at 4.2% in November 04:21 – Comments on our Key Wealth 2025 investment and economic outlook, and a recap of the recent Key Wealth National Call09:48 – Remarks on the new presidential administration, and what it may do for economic growth10:53 – Comments on if the US dollar will be ‘dethroned' as the world's reserve currency13:00 – Expectations for the upcoming Federal Reserve FOMC meeting and how the Employment Situation data may affect a December rate cut18:44 – Remarks on if the new presidential administration will affect the equities market, specifically the Magnificent 7, and thoughts for the new yearAdditional ResourcesKey Questions: Should Investors Consider Dividend Stocks in a Falling-Rate Environment? | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's jam-packed Market Minutes recap, hear from our team of experts as they share their perspectives on the latest economic reports. Our panel shares detailed insights into the US Leading Economic Indicator, existing home sales, the equities market, SEC chairperson resignation, the bond market, and rate cuts.Speakers:Brian Pietrangelo, Managing Director of Investment StrategyRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities01:11 – The Conference Board's US Leading Economic Indicator showed the indicator declined by 0.4% for October 02:08 – The National Association of Realtors reported a 3.4% increase in existing home sales for October03:17 – Comments on the equities market and the uptick we saw this week for S&P 500 earnings07:20 – Remarks on Gary Gensler – the U.S. Securities and Exchange Commission's chairperson – and his recent resignation announcement amid the new U.S. presidential administration change09:22 – Comments on the bond market and the pace of rate cuts we can expect in 202511:47 – Thoughts on recent comments made by Federal Reserve presidents, like Susan Collins, and their stance on rate cuts12:40 – Final thoughts on the team's favorite Thanksgiving dishesAdditional ResourcesKey Questions: Behind the Commercial Break: What Does Ad Spending Tell Us About the US Consumer? | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

The Key Wealth Matters weekly podcast covers important topics including the markets, the economy, and investing. This week's episode features discussions on:Market updates, with the S&P 500 down slightly this week despite being up 25% year-to-date. Rising Treasury yields are making further gains difficult.Tax policy under the reelected President Trump, including plans to make his 2017 tax cuts permanent and possibly lower the corporate tax rate further.Implications for the municipal bond market, with concerns about potential changes to tax-exempt status for private activity bonds and the alternative minimum tax.The Federal Reserve's path forward on interest rates, with Powell signaling a slower pace of rate cuts.Speakers:Brian Pietrangelo, Managing Director of Investment StrategyStephen Hoedt, Head of EquitiesJoe Velkos, National Tax DirectorPaul Toft, Senior Fixed Income Portfolio ManagerAdditional ResourcesKey Questions: What Do the Election Results Mean for the Economy, the Markets, and Your Portfolio? | Key WealthKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market Research Weekly Investment Brief Follow us on LinkedIn

In this week's jam-packed Market Minutes recap, hear from our team of experts as they share their perspectives on the latest economic reports. Our panel shares detailed insights into the Purchasing Manager's Index, the recent U.S. presidential election, the equities and bond markets, and the recent FOMC meeting. Speakers:Brian Pietrangelo, Managing Director of Investment StrategyCindy Honcharenko, Director of Fixed Income Portfolio Management George Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities02:33 – The Purchasing Manager's Index (PMI) was released for both manufacturing, showing a continuous decline, and for services, showing a continuous expansion reporting the highest read since July 202204:17 – Comments on the recent U.S. presidential election and the outcome of the president elect07:45 – Comments on how the recent U.S. presidential election may affect the equities market and the performance we might expect to see for the next 4 years11:57 – Despite the equities market cheers regarding the U.S. presidential election results, the bond market is preparing for the new administration's fiscal policy that may lead to higher debt and deficits with a risk of a rise in inflation14:43 – A recap of Thursday's Federal Open Market Committee (FOMC) meeting and their decision to cut the federal funds rate by 25 basis points, making the new target rate the range of 4.50% – 4.75%18:20 – Final thoughts on Federal Reserve Chairman, Jerome Powell's statement: “with reference to interest rates cuts, we are on the right path, but we don't yet know the right pace” as well as the Federal Reserve's independenceAdditional ResourcesKey Questions: The Yield Curve Has Un-inverted. Now What? | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's jam-packed Market Minutes recap, hear from our team of experts as they share their perspectives on the latest economic reports. Our panel shares detailed insights into the bond and equities markets' reactions to the latest reports and looks ahead to next week's US presidential election and FOMC meeting. This week's episode also features special guest, Joe Velkos, who overviews the proposed tax policies of both presidential candidates.Speakers:Brian Pietrangelo, Managing Director of Investment StrategyRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of EquitiesJoe Velkos, National Director of Tax Policy03:53 – Bureau of Labor Statistics Job Openings Report and Employment Cost Index Report update 04:57 – Dept. of Labor weekly initial unemployment claims update05:36 – Advanced estimate for 3rd Quarter Real GDP for the US Economy06:21 – Update on PCE, the Fed's preferred measure of inflation 07:23 – The latest employment numbers09:06 – Comments on the bond market reaction to the latest economic updates and anticipation of the Fed's rate decision next week.14:53 – Remarks on a busy week in the equities market and looking ahead to the conclusion of the election season 18:45 – Perspectives on how legislative tax policy works overall as well as an overview on the proposed tax policies of both Harris and Trump

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the Beige Book, initial unemployment claims, existing home sales, the S&P 500, the bond market, the MOVE Index, and upcoming economic news. Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities01:54 – The Federal Reserve released the October Beige Book, highlighting the economic activity to be discussed at the upcoming FOMC meeting 02:50 – The initial unemployment claims for the week ending October 19 were reported at 227,000 03:17 – The National Association of Realtors reported a decline in existing home sales for the month of September, as well as reporting a decline of 3.5% in year-over-year existing home sales for September   04:25 – Comments on earnings; the S&P 500 reporting season has been ‘tricky' so far, with more than 12% of the stocks moving at least 10% on earnings day 07:28 – Based on the Beige Book release, we hear remarks on what we can expect to hear during the upcoming FOMC meeting 10:31 – Comments on the bond market being ‘spooked', as we anticipate a rate cut at the upcoming FOMC meeting, yet preparing for the 2025 rate cut projections11:25 – Unusual forecasting from the MOVE Index as option prices show treasury yields for all maturities are projected to increase about 18 basis points higher following the presidential election14:15 – Final thoughts and assumptions on next week's economic news such as the Employment Situation, Consumer Spending, PCE Inflation, etc. Additional ResourcesKey Questions: The Yield Curve Has Un-inverted. Now What? | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the initial unemployment claims, rate cuts, the upcoming November FOMC meeting, the earnings market, and the bond market. Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities01:34 – The initial unemployment claims for the week ending October 12 were reported at 241,00003:45 – Predictions on if The Federal Reserve will issue another rate cut before the end of 2025 06:02 – Attention and anticipation are increasing for the November FOMC; Based on recent economic reports the market does not have high hopes for a rate cut of more than 25 basis point cut11:07 – Remarks on the earnings market and its continued success 15:11 – Comments on how this election season is affecting the bond market16:21 – Final thoughts sharing where you should be investing Additional ResourcesKey Questions: The Yield Curve Has Un-inverted. Now What? | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on recent market and economic data, including an analysis of the September employment report, the Federal Reserve's September meeting minutes and the latest inflation and unemployment claims data. The discussion covers the potential impact of these developments on the Federal Reserve's monetary policy decisions, as well as the outlook for the equity and fixed income markets. Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeSteve Hoedt, Head of Equities01:52 – Remarks on the labor market, FOMC meeting minutes, and inflation 06:57 – Comments on the Fed meeting minutes and its impact on the bond market 10:13 – Comments on the equities market and predictions for volatility and earnings seasonAdditional ResourcesKey Questions: The Yield Curve Has Un-inverted. Now What? | Key WealthKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the initial unemployment claims, PCE Inflation report, government debt, China, and the equities market.Speakers:Brian Pietrangelo, Managing Director of Investment StrategyConnor Cloetingh, Senior Equity AnalystGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed Income01:38 – The initial unemployment claims for the week ending September 21 were reported at 218,00002:50 – Overall Personal Consumption Expenditures (PCE) slowed down from July with a reading of 0.5% to 0.2% in August. Additionally, the PCE Inflation month-over-month data came in at 0.1% in August04:50 – Being the first inflation report since the September rate cut, the PCE Inflation data validated the Federal Reserve's rate cut decision, and opened the door for another 50-basis point cut heading toward the end of the year10:53 – Comments on government debt and its impact on the bond market 14:03 – As government debt has affected markets worldwide, we hear how China's economic standing is influencing the equities market – particularly with material and commodity pricesAdditional ResourcesKey Questions: 25 or 50... Is That Really the Question? | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the retail sales, the FOMC recap, and the equities market. Speakers: Brian Pietrangelo, Managing Director of Investment StrategyCindy Honcharenko, Director of Fixed IncomeRajeev Sharma, Head of Fixed IncomeConnor Cloetingh, Senior Equity Analyst01:51 – The preliminary retail sales report for August showed a significant decline from 1.1% in July to 0.1% in August  03:56 – The Federal Open Market Committee (FOMC) met Wednesday and moved forward with an unexpected interest rate cut of 50 basis points 11:17 – Additional comments on the FOMC meeting and what can be expected for the remainder of the year; The Fed plans to shift its focus from inflation to the labor market; in addition, the market is expecting an additional 75 basis points to be cut by the end of the year, which differs slightly from the Fed's estimate of 50 basis points14:27 – Remarks on why the Fed chose to cut rates by 50 basis points instead of starting with a 25 basis point rate cut 18:56 – Comments on the equity market and its performance since Wednesday's FOMC meeting Additional ResourcesKey Questions: 25 or 50... Is That Really the Question? | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the CPI inflation data, the stock market, and next week's FOMC meeting.Speakers: Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerStephen Hoedt, Head of Equities 01:54 – The Bureau of Labor and Statistics overall Consumer Price Index (CPI) reported inflation at 0.2% for month-over-month in August. Likewise, the CPI reported core inflation at 0.3% 03:06 – The stock market has had a substantial week, and the S&P 500 has rebounded to be within 50 points of nearing an all-time-high  05:31 – Comments on ‘Big Tech' recovering this week in the market as we saw some pull back in prior weeks, leaving utilities to take the lead as the top performer07:50 – As Consumer Price Index, Producer Price Index, and initial unemployment claims data were released this week, this seems to be an ideal setup for the anticipated rate cut at next week's Federal Open Market Committee (FOMC) meetingAdditional ResourcesKey Questions: When the Fed Cuts Rates, Should Investors Cut Their Exposure to Stocks | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the Purchasing Managers Index, the Fed's Beige Book, the Employment Situation, rate cuts, and the energy market. Speakers: Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities 01:45 – The Institute for Supply Management Purchasing Managers Index (PMI) data was released highlighting the manufacturing industry being in a contractionary environment, while the services industry has been in an expansionary environment for the past 48 months 02:26 – The Federal Reserve's Beige Book came out Wednesday, in advance of the upcoming FOMC meeting, specifying economic activity grew slightly in 3 of the 12 districts, while 9 of the 12 reported flat or declining activity03:32 – The Employment Situation summarized data for two key elements: the unemployment rate for August came in at 4.2%, down 0.1% from July. In addition, total non-farm payroll employment increased by 142,000 from the previous month, yet it was still below expectations and included downward revisions for the prior two months of 86,00004:32 – Comments on the Employment Situation report and its mixed results as payrolls and unemployment data differed from expectations07:04 – Based on the Employment Situation data, it seems without a doubt a 25-50 basis point rate cut will happen at this month's Fed meeting11:06 – Remarks on the energy market and its role in the equities market 16:52 - Final comments highlighting the recent Key Wealth National Call and where you can obtain the replayAdditional ResourcesKey Questions: When the Fed Cuts Rates, Should Investors Cut Their Exposure to Stocks | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the S&P CoreLogic Case-Shiller Home Price Index, PCE Inflation report, rate cuts, NVIDIA, and the upcoming Key Wealth National Call.Speakers: Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities 01:58 – S&P CoreLogic Case-Shiller Home Price Index hits all-time high in June 03:15 – The Personal Consumption Expenditures (PCE) Inflation data for July remained the same as June04:37 – Comments on this week's economic news and how we can conclude that inflation is cooling, and overall spending is gradually increasing06:48 – Remarks on last week's Jackson Hole Symposium, with Federal Reserve Chair Powell, and the rate cut forecast before the end of the year10:17 – NVIDIA makes headlines once again, beating revenue and earnings expectations; however, the bulls and bears had mixed reactions 14:40 – Final comments highlighting the upcoming Key Wealth National Call Wednesday, September 4th at 1:00pm EST Additional ResourcesKey Questions: When the Fed Cuts Rates, Should Investors Cut Their Exposure to Stocks | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the U.S. Leading Indicators, nonfarm payrolls, existing home sales, the Jackson Hole Symposium, the July FOMC meeting minutes, and the upcoming Key Wealth National Call.Speakers: Brian Pietrangelo, Managing Director of Investment StrategyCindy Honcharenko, Director of Fixed Income Portfolio ManagementRajeev Sharma, Head of Fixed Income 02:19 - The US Leading Indicators released by The Conference Board showed the month of July was down and that was followed by a decline in June, as well02:45 – The Bureau of Labor Statistics revised the Nonfarm Payroll report for the prior year by roughly 818,000 less 03:09 – Existing home sales grew 1.3% in July, halting the four-month sales decline which began in March03:46 – The Federal Reserve Chair, Jerome Powell, spoke at the Jackson Hole Symposium just hours ago04:53 – The Federal Open Market Committee (FOMC) released the meeting minutes from July's meeting. The overall theme observed was wide support for a September rate cut as the inflation risk has diminished and the risks to the labor market have increased06:38 – During Fed Chair Powell's press conference this morning, he addressed changing the direction of monetary policy as inflation has eased, the job market is not overheated, and the global supply chain has normalized. However, for rate cuts, the Fed will depend on incoming data08:33 – Fed Chair Powell seemed to have balanced and neutralized comments at his press conference this morning in regards to cutting rates by 25 basis points in September, but only if the data is encouraging 15:07 - Based on previous economic strategy, it seems that the Fed typically cuts rate by 25 basis points before it loosens or tightens its policies to not incite panic in the market. Even so, is the Fed too late to the game? 20:50 – Final comments highlighting the upcoming Key Wealth National Call Wednesday, September 4th at 1:00pm EST. Additional ResourcesKey Questions: "You're Killin' Me Smalls!" Will Small Caps Ever Outperform Again | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the labor market, industrial production, retail sales, the Consumer Price Index, corporate earnings, and the upcoming Key Wealth National Call.Speakers: Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities 01:31 – Initial unemployment claims for the week ending August 10th declined to 227,000, down 7,000 from the week prior02:00 – U.S. industrial production declined 0.6% for July, as a preliminary read02:32 – Retail sales reported above expectations at an increase of 1.0% month-over-month for July03:07 – The inflation print for the Consumer Price Index (CPI) was reported at 2.9% year-over-year for July; excluding food and energy, the report came in at 3.2% 07:17 – Based on the favorable CPI report, the market is anticipating the Fed may not have to begin cutting rates in an aggressive manner and could begin cutting rates only by 25 basis points as soon as September 13:05 – While earnings haven't had any recent record highs, expectations still continue to heighten; even though the economy is slowing, it is still growing16:56 – Final comments highlighting the upcoming Key Wealth National Call Wednesday, September 4th at 1:00pm EST. Additional ResourcesKey Questions: "You're Killin' Me Smalls!" Will Small Caps Ever Outperform Again | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

Market Minutes Recap - Market Update (Perspectives on the Economic Calendar and Recent Market Volatility) In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on recent market volatility and its implications for investors. Our panel shares predictions on earnings season and insights on the fragility of the market and the outsized reactions to events in recent years. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Stephen Hoedt, Head of Equities 01:33 – Remarks on the economic calendar, Services PMI increase in July economic activity, and update on Initial Unemployment claims 02:40 – Comments on Monday's market volatility, rebound through the rest of the week, and what it means for investors for the near-future 13:20 – Predictions for Q2 earnings season and what investors should know about the sensitivity in the markets 17:43 – Recommendations of what investors should do about spikes in market volatility and what long-term investing principles applyAdditional ResourcesKey Questions: "You're Killin' Me Smalls!" Will Small Caps Ever Outperform Again | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the JOLTS report, the Case-Shiller, the Employment Cost Index, the Employment Situation Summary, the recent FOMC meeting, and the VIX index. Speakers: Brian Pietrangelo, Managing Director of Investment StrategyCindy Honcharenko, Director of Fixed Income Portfolio ManagementGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities 01:16 – The job Openings and Labor Turnover Survey (JOLTS) reported the amount of job openings remained unchanged as 8.2 million for June01:33 – The S&P CoreLogic Case-Shiller reported 5.9% annual of gains for May. This continues to support that home sale demand is high, however the inventory of homes is low01:58 – The Employment Cost Index measured wages and salaries increased to 4.2% in June 02:36 – The Employment Situation Summary showed unemployment increased to 4.3% for July 03:35 – The Federal Open Market Committee (FOMC) met Wednesday and decided to leave rates unchanged at 5.25% – 5.5%. While the economic outlook is uncertain, Fed Chair Powell didn't directly use language that hinted towards there may or may not be a rate cut in soon06:48 – The Fed seems to have inflation close to their intended target of 2%, now it seems their focus will soon shift from inflation to prioritizing normalization within the labor market09:25 – Comments on the Fed, and that the market anticipates two to three rates cuts by the end of the year due to the release of recent labor reports 14:03 – Comments on the stock market and highlighting the VIX index spiking to 24.5% signaling the economy getting back to a more normal volatility market Additional ResourcesKey Questions: "You're Killin' Me Smalls!" Will Small Caps Ever Outperform Again | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into existing home sales, Q2 GDP, PCE inflation, the stock market, and next week's FOMC meeting. Speakers: Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities 01:55 – Existing home sales declined 5.4% in June, confirming the hesitancy people have to acquire a new mortgage at higher rates02:20 – The Real Gross Domestic Product (GDP) reported at 2.8% for the second quarter03:37 – Overall Personal Consumption Expenditures (PCE) inflation declined from 2.6% in May to 2.5% in June, while the Core PCE remained constant at 2.6%04:45 – Comments on the stock market and the pullback we have seen for the S&P 50010:51 – Comments on small-caps and their unexpected performance  12:16 – Remarks on the expectations for next week's FOMC meeting and if there will be a September interest rate cut Additional ResourcesKey Questions: Private Equity: What Else Do I Need to Know? | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the monthly retail sales, industrial production, the Fed's Beige Book report, unemployment data, the equities market, and the bond market.Speakers: Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerStephen Hoedt, Head of EquitiesTim McDonough, Senior Portfolio Manager 02:22 – Monthly retail sales came in at 0.0% for June, which signifies a slowing in consumer spending04:39 – Though there appears to be a slow-down within the economy – based on the consumer spending and employment data – it does not seem to be stalling07:52 – Understanding what caused the shift within the equities market, as returns for the Nasdaq are flat, the S&P 500 is only up 1.5%, midcap stocks are up 4.0%, and commercial real estate is up 8.0% since the inflection point this month14:05 – An update on the municipal bond market; also, after the CPI report was released, and the overall bond market is preparing for an upcoming rate cut, there has been an uptick in new issuance of bonds, and close to $11 billion new issuance of municipal bonds17:31 - Final comments about continuing to stay diversified and investing in quality portfolios Additional ResourcesKey Questions: Private Equity: What Else Do I Need to Know? | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the Employment Situation, unemployment claims, CPI inflation, potential Fed rate cuts, and second quarter earnings.Speakers: Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities 01:29 – The Employment Situation for the month of June reported new nonfarm payrolls rose by 206,000 02:15 – For the week ending July 6, initial unemployment claims were reported at 222,00003:05 – The Consumer Price Index (CPI) showed a decline in overall year-over-year inflation from 3.3% in May to 3.0% in June 06:16 – Based on the CPI report, as well as the Employment Situation Summary, there is a high probability there will be a September rate cut; and possibly a second one in December10:29 – While the stock market has had a tremendous year, so far -- due to Artificial Intelligence corporations driving the markets -- we can expect a similar pattern heading into the second half, although we also expect volatility14:31 – Final comments about continuing to stay diversified and investing in quality portfoliosAdditional ResourcesKey Questions: Should Investors Dump their Stocks After a Disappointing Debate? | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the S&P CoreLogic Case-Shiller Home Price Index, GDP, PCE inflation, the presidential debate, and hedge funds. Speakers: Ather Bajwa, Director of Investment ResearchBrian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed Income 01:37 – The S&P CoreLogic Case-Shiller Home Price Indices reported a 6.3% annual increase for the month of April02:24 – The overall read for the final estimate of real GDP for the first quarter of 2024 came in at 1.4% annualized02:58 – The PCE report for spending and inflation showed income was up 0.5% in May, and overall spending was up at 0.2% - 0.3% (based on inflation adjustments); while year-over-year PCE inflation was up 2.6%04:52 – Comments on market participants' boosted confidence that the Fed will implement two rate cuts in 2024, following the PCE inflation report released today08:33 – Remarks on San Francisco's Federal Reserve President, Mary Daly, and her comments from earlier this week 14:40 – The team dives into hedge funds, what they are, and why they are appropriate for portfolio diversificationAdditional ResourcesKey Question: What is the Investment Case for Traditional Energy | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into retail sales, industrial production, consumer spending, the Fed, and the equities market.Speakers: Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities 01:38 – The overall Advance Retail Sales report showed a slight increase of 0.1% for the month of May 02:19 – After flat/negative reports for industrial production in March and April, this week's report showed industrial production increased to 0.9% for the month of May 03:17 – Comments on areas of the economy – such as real estate, retail sales, and overall consumer spending – that have a dependent relationship to interest rates, are seeing a slowdown06:06 – While the market is actively reviewing data to support anticipated rate cuts starting in September, the Fed is trying to reel in market expectations as they are still trying to reach the 2% inflation target11:59 – We have seen continued growth within the U.S. stock market as the S&P 500 is up 15% year-to-date and is showing a Sharpe ratio of near 2.0. Along with this, tech companies – like NVIDIA, Apple, etc. – are driving stocks to all-time-highsAdditional ResourcesKey Questions: Key Questions: What Makes a Good Investment Fund Manager | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into unemployment claims, CPI inflation, the FOMC meeting, and the equities market.Speakers: Brian Pietrangelo, Managing Director of Investment StrategyCynthia Honcharenko, Director of Fixed Income Portfolio ManagementGeorge Mateyo, Chief Investment OfficerStephen Hoedt, Head of Equities 01:27 – June initial unemployment claims came in at 242,000. This was an increase of about 13,000 from the week prior04:01 – A recap of this week's FOMC meeting discussing:What the Fed saidWhat are the Fed's projectionsWhat does it mean for future rate cuts07:46 – Based on the FOMC meeting, though inflation seems to be decreasing the Fed did not appear confident in the data to adjusting their initial projections11:27 – Since NVIDIA's earning report release, many of the Magnificent Seven are continuing to dominate the market week after week14:06 – Recognizing the importance of staying diversifiedAdditional ResourcesKey Questions: What Happens If the Fed Doesn't Cut Rates This Year? | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into PMI data, employment data, Fed rate cuts, and the stock and bond markets. Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities01:37 – The Manufacturing Purchasing Manager's Index (PMI) was reported at a lower figure for the month of May, which is also down from the month of April, revealing a slowdown in the economy02:48 – Comments on the recent employment data released this week, and how it may contribute to the Fed postponing a rate cut in July 05:07 – As economic data was released this week, yields were affected causing a spike in the 2 Year Treasury yield and an 8-point basis jump, essentially confirming there will be no rate cut in July09:02 – While the U.S. plans to stay higher for longer, international markets like the European Central Bank (ECB) implemented a rate cut this past week as they're willing to cut first and await the outcome10:22 – While the U.S. economy seems to be diversified, the stock market is not, as the spotlight appears to be on tech companies, such as NVIDIA, since they have been contributing to an increase in gains with the S&P 500 and an increase in earnings15:46 - 17:34 – Final remarks about continuing to stay focused on quality portfolios and staying diversifiedAdditional ResourcesKey Questions: How Much Longer Can the US Consumer Carry the Economy? | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the Beige Book report, PCE inflation, the ECB, the equities market, our perspective on international markets, and Key Wealth's upcoming National Call. Speakers:Brian Pietrangelo, Managing Director of Investment StrategyDonald Saverno, Director of Multi-Strategy Research Rajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities 01:38 – The Fed's Beige Book report was released highlighting economic activity, retail spending, credit standards, and employment03:33 – The overall Personal Consumption Expenditures (PCE) inflation index for April came in at 2.7% year-over-year, and the Core PCE inflation index reported 2.8% year-over-year. Both data points remained the same from March04:42 – Following the release of the PCE inflation index, we hear comments on what we can expect regarding anticipated rate cuts from the Fed for the remainder of the year08:25 – Remarks on the European Central Bank (ECB) potentially administering a rate cut before the U.S. Federal Reserve09:24 – Since NVIDIA has reported their earnings in the week prior, the equities market has increased trading efforts and looks to be experiencing a small pause 13:06 – Comments on the qualitative and quantitative data that shows the outperformance of U.S. markets vs. international markets and why remaining diversified in non-US equities can be valuable over the long-term17:34 - Final remarks about continuing to stay focused on quality portfolios and staying diversified, along with Key Wealth's upcoming National Call on Wednesday, June 5thAdditional ResourcesKey Questions: How Much Longer Can the US Consumer Carry the Economy? | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into this week's important inflation releases, “two-armed economist” theory, the equity and bond markets, and the upcoming Key Wealth National Call. Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment Officer Paul Toft, Senior Fixed Income Portfolio ManagerStephen Hoedt, Head of Equities 01:22 – The Producer Price Index was released reporting at 0.5% month-over-month for April, which is above the expected figure of 0.3%04:00 – Remarks regarding the ‘two-armed economist' theory, as the economy seems to be in a toss-up with the back-and-forth of inflation and rate cut discussions 07:25 – Comments on equities market as it continues to hit peak levels this week 11:43 – As municipal bonds appear to be having a better month than in April, we hear comments explaining why14:34 – final comments highlighting the upcoming Key Wealth National Call on June 5th at 1:00pm ESTAdditional ResourcesKey Questions: I Have a College Graduate Now, What Can I Do With My Excess 529 Account Funds? | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the equities market, corporate earnings, and the upcoming CPI report. Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities 01:53 – Updates on earnings and what is being reported from the stock market 09:16 – Comments on rate cut discussions by the Fed, in recent weeks, and how it's affecting the yield curve13:44 – Predictions on the Fed, and Fed Chair Powell's potential reactions to next week's Consumer Price Index release15:26 - Final comments about continuing to stay focused on quality portfolios and staying diversified.Additional ResourcesKey Questions: How Do Recent Changes to the FDIC Insurance Coverage Limits Affect My Deposits? | Key Private BankWhite paper: An Introduction to Investing in Private Credit | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into The Employment Cost Index, the FOMC meeting, and the bond and equities market. Speakers:Brian Pietrangelo, Managing Director of Investment StrategyCindy Honcharenko, Director of Fixed IncomeGeorge Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities 02:07 - The Employment Cost Index revealed for the quarter ending March 2024 that wages and salaries were up 4.4% year over year04:12 – Comments on this week's FOMC meeting; the Fed decided to leave rates unchanged, as expected, and the Federal Funds target rate will remain at 5.25% – 5.50%08:23 – Remarks on the bond market's reaction after the recent FOMC meeting, confirming the Fed is likely to consider only one rate cut in 202410:27 – Comments on The Fed's stance on the economy currently and where we can expect the Fed to pivot13:09 – As we have seen a lot of back-and-forth within the market, we hear how the FOMC meeting will influence the stock market and earnings Additional ResourcesKey Questions: How Do Recent Changes to the FDIC Insurance Coverage Limits Affect My Deposits? | Key Private BankWhite paper: An Introduction to Investing in Private Credit | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the recent GDP report and inflation data. Our experts also discuss the private credit market and its benefits for investors. Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed IncomeAther F. Bajwa, CFA,® CPA, Director Investment Research01:24 – Remarks on GDP for the first quarter of 2024, which came in at an annualized rate of 1.6%, down from the previous quarter, and comments on the contributors. 04:21 – Reaction to the overall GDP and PCE inflation data from PCE, and what it means for the economy. 07:31 – Comments on the labor market, rate cuts, and the upcoming FOMC meeting. 11:42 – Discussion on the private credit market and its benefits for investors.Additional Resources:Key Questions: Private Credit: What Is It and Should You Add It to Your Portfolio? | Key Private BankWhite paper: An Introduction to Investing in Private Credit | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the retail sales report, the equities market, and the Fed.  Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed IncomeSteve Hoedt, Head of Equities 01:24 – The retail sales report for March was reported at 0.7% and the report for February was revised from 0.6% to 0.9%03:37 – As the market is experiencing a slight decline, we hear comments on what may be influencing this shift07:42 – Comments about the geopolitical events that may be having an effect on the equities, gold, and oil markets10:19 – Remarks about Fed Chair Powell's comments made earlier in the week regarding taking a step-back on the anticipated rate cuts for the year; though the market initially expected 7 rate cuts, the Fed may only implement 1-2 rate cuts13:05 – Final comments about keeping investments diversifiedAdditional Resources:Key Questions: It's April, Why is the College Admission Season in Disarray? | Key Private Bank KeyBank National Call ReplayKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the CPI Inflation report, yields, earnings outlook, and KeyBank's National Call this week.  Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed IncomeSteve Hoedt, Head of Equities 02:10 – The Consumer Price Index (CPI) Inflation report was released and it showed a visible increase in inflation of 3.5% in March year-over-year from 3.2% in February 06:14 – Comments on the unexpected CPI Inflation report and how it seems to be generating a flatter yield curve as well as it may cause delays in anticipated rate cuts11:29 – Though the market has been seeing inflation and growth running ‘hotter' for longer, the CPI Inflation report may produce some challenges in earnings expectations 14:49 – Recap on KeyBank's National Call earlier this week and what clients may want to know with regard to the economy, the banking sector and commercial real estateAdditional Resources:Key Questions: Who Was Daniel Kahneman and How Did He Change the Way We Think About Investing? | Key Private Bank KeyBank National Call ReplayKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into PMI data, employment data, the Fed, yields, early thoughts on earnings season, and oil prices. Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed IncomeSteve Hoedt, Head of Equities 01:41 – The Purchasing Managers' Index (PMI) data showed the manufacturing side of the economy moved into an expansionary phase in March, while the services side of the economy has been expanding during the past 4 years04:30 – Based off today's employment report, the Fed may start to recalibrate its policy due to the economy's strength06:49 – Remarks about the 10-year Treasury yield and how investors hope it will not rise back to the 4.50% resistance point 11:15 – Based on the PMI data, we believe it is currently a macro-driven market that is reinforcing strong growth and corporate earnings13:59 – Comments on the recent increases in oil and gas pricesAdditional Resources:Key Questions: Will the Fed Achieve Complete “Inflation Totality”? | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into existing-home sales, the FOMC meeting, rate cuts, The Wealth Effect, and the equities market. Speakers:Brian Pietrangelo, Managing Director of Investment StrategyCindy Honcharenko, Director of Fixed Income Portfolio ManagementGeorge Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed IncomeSteve Hoedt, Head of Equities 01:42 – For the month of February, existing-home sales surged 9.5% month-over-month, and this level of an increase has not been seen since February of 2023 03:06 – Comments on the FOMC meeting that took place earlier in the week, resulting in the Fed deciding they will keep rates unchanged07:52 – During the FOMC meeting, the Fed revealed the Dot Plot and its Summary of Economic Projections. This came as a relief for the market as it signified the Fed continues to forecast three rate cuts for 2024 instead of only two11:52 – Though the FOMC meeting did not discuss The Wealth Effect, we hear comments surrounding this concept14:59 – Remarks about the FOMC meeting's influence on the equities market  Additional Resources:Key Questions: Are Renewed Banking Fears Something to Fear? | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the Retail Sales report, CPI inflation, rate cuts, the equities market, and the one-year anniversary of 2023 banking sector disruption. Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed IncomeSteve Hoedt, Head of Equities Ester Lau, Senior Credit Analyst01:38 – According to the Census Bureau, Retail Sales increased 0.6% for the month of February, however January's figures were revised downward from -0.8% to -1.1%02:33 – The Consumer Price Index (CPI) inflation report showed an increase of 0.4% for the month-over-month in February and 3.8% year-over year in February 06:55 – While the CPI data were hotter than expectations, the big question we can assume the Fed is facing is does the CPI data alter any decisions for 2024 rate cuts?09:59 – Remarks about the CPI data's effect on the equity market; much of the market seems to be in a “sweet” spot13:57 – A look back to a year ago as March marks the one-year anniversary since the collapse of a few notable banks in 2023 Additional Resources:Key Questions: Is the Tax Preference for my 401(k) Safe? | Key Private Bank Key Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn