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Original Release Date: Feb 6, 2026Our Global Head of Fixed Income Research Andrew Sheets and Global Chief Economist Seth Carpenter unpack the inner workings of the Federal Reserve to illustrate the challenges that Fed chair nominee Kevin Warsh may face.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley. Seth Carpenter: And I'm Seth Carpenter, Morgan Stanley's Global Chief Economist and Head of Macro Research. Andrew Sheets: And today on the podcast, a further discussion of a new Fed chair and the challenges they may face. It's Friday, February 6th at 1 pm in New York. Seth, it's great to be here talking with you, and I really want to continue a conversation that listeners have been hearing on this podcast over this week about a new nominee to chair the Federal Reserve: Kevin Warsh. And you are the perfect person to talk about this, not just because you lead our economic research and our macro research, but you've also worked at the Fed. You've seen the inner workings of this organization and what a new Fed chair is going to have to deal with. So, maybe just for some broad framing, when you saw this announcement come out, what were some of the first things to go through your mind? Seth Carpenter: I will say first and foremost, Kevin Warsh's name was one of the names that had regularly come up when the White House was providing names of people they were considering in lots of news cycles. So, I think the first thing that's critically important from my perspective, is – not a shock, right? Sort of a known quantity. Second, when we think about these really important positions, there's a whole range of possible outcomes. And I would've said that of the four names that were in the final set of four that we kept hearing about in the news a lot. You know, some differences here and there across them, but none of them was substantially outside of what I would think of as mainstream sort of thinking. Nothing excessively unorthodox at all like that. So, in that regard as well, I think it should keep anybody from jumping to any big conclusions that there's a huge change that's imminent. I think the other thing that's really important is the monetary policy of the Federal Reserve really is made by a committee. The Federal Open Market Committee and committee matters in these cases. The Fed has been under lots of scrutiny, under lots of pressure, depending on how you want to put it. And so, as a result, there's a lot of discussion within the institution about their independence, making sure they stick very scrupulously to their congressionally given mandate of stable prices, full employment. And so, what does that mean in practice? That means in practice, to get a substantially different outcome from what the committee would've done otherwise… So, the market is pricing; what's the market pricing for the funds rate at the end of this year? About 3.2 percent. Andrew Sheets: Something like that. Yeah. Seth Carpenter: Yeah. So that's a reasonable forecast. It's not too far away from our house view. For us to end up with a policy rate that's substantially away from that – call it 1 percentage, 2 percentage points away from that. I just don't see that as likely to happen. Because the committee can be led, can be swayed by the chair, but not to the tune of 1 or 2 percentage points. And so, I think for all those reasons, there wasn't that much surprise and there wasn't, for me, a big reason to fully reevaluate where we think the Fed's going. Andrew Sheets: So let me actually dig into that a little bit more because I know our listeners tune in every day to hear a lot about government meetings. But this is a case where that really matters because I think there can sometimes be a misperception around the power of this position. And it's both one of the most public important positions in the world of finance. And yet, as you mentioned, it is overseeing a committee where the majority matters. And so, can you take us just a little bit inside those discussions? I mean, how does the Fed Chair interact with their colleagues? How do they try to convince them and persuade them to take a particular course of action? Seth Carpenter: Great question. And you're right, I sort of spent a bunch of time there at the Fed. I started when Greenspan was chair. I worked under the Bernanke Fed. And of course, for the end of that, Janet Yellen was the vice chair. So, I've worked with her. Jay Powell was on the committee the whole time. So, the cast of characters quite familiar and the process is important. So, I would say a few things. The chair convenes the meetings; the chair creates the agenda for the meeting. The chair directs the staff on what the policy documents are that the committee is going to get. So, there's a huge amount of influence, let's say, there. But in order to actually get a specific outcome, there really is a vote. And we only have to look back a couple weeks to the last FOMC meeting when there were two dissents against the policy decision. So, dissents are not super common. They don't happen at every single meeting, but they're not unheard of by any stretch of the imagination either. And if we go back over the past few years, lots going on with inflation and how the economy was going was uncertain. Chair Powell took some dissents. If we go back to the financial crisis Chair Bernanke took a bunch of dissents. If we go back even further through time, Paul Volcker, when he was there trying to staunch the flow of the high inflation of the 1970s, faced a lot of resistance within his committee. And reportedly threatened to quit if he couldn't get his way. And had to be very aggressive in trying to bring the committee along. So, the chair has to find a way to bring the committee along with the plan that the chair wants to execute. Lots of tools at their disposal, but not endless power or influence. Does that make sense? Andrew Sheets: That makes complete sense. So, maybe my final question, Seth, is this is a tough job. This is a tough job in… Seth Carpenter: You mean your job and my job, or… Andrew Sheets: [Laughs] Not at all. The chair of the Fed. And it seems especially tricky now. You know, inflation is above the Fed's target. Interest rates are still elevated. You know, certainly mortgage rates are still higher than a lot of Americans are used to over the last several years. And asset prices are high. You know, the valuation of the equity market is high. The level of credit spreads is tight. So, you could say, well, financial conditions are already quite easy, which can create some complications. I am sure Kevin Warsh is receiving lots of advice from lots of different angles. But, you know, if you think about what you've seen from the Fed over the years, what would be your advice to a new Fed chair – and to navigate some of these challenges? Seth Carpenter: I think first and foremost, you are absolutely right. This is a tough job in the best of times, and we are in some of the most difficult and difficult to understand macroeconomic times right now. So, you noted interest rates being high, mortgage rates being high. There's very much an eye of the beholder phenomenon going on here. Now you're younger than I am. The first mortgage I had. It was eight and a half percent. Andrew Sheets: Hmm. Seth Carpenter: I bought a house in 2000 or something like that. So, by those standards, mortgage rates are actually quite low. So, it really comes down to a little bit of what you're used to. And I think that fact translates into lots of other places. So, inflation is now much higher than the committee's target. Call it 3 percent inflation instead core inflation on PCE, rather than 2 percent inflation target. Now, on the one hand that's clearly missing their target and the Fed has been missing their target for years. And we know that tariffs are pushing up inflation, at least for consumer goods. And Chair Powell and this committee have said they get that. They think that inflation will be temporary, and so they're going to look through that inflation. So again, there's a lot of judgment going on here. The labor market is quite weak. Andrew Sheets: Hmm. Seth Carpenter: We don't have the latest months worth of job market data because of the government shutdown; that'll be delayed by a few days. But we know that at the end of last year, non-farm payrolls were running well below 50,000. Under most circumstances, you would say that is a clear indication of a super weak economy. But! But if we look at aggregate spending data, GDP, private-domestic final purchases, consumer spending, CapEx spending. It's actually pretty solid right now. And so again, that sense of judgment; what's the signal you're going to look for? That's very, very difficult right now, and that's part of what the chair is going to have to do to try to bring the committee together, in order to come to a decision. So, one intellectually coherent argument is – the main way you could get strong aggregate demand, strong spending numbers, strong GDP numbers, but with pretty tepid labor force growth is if productivity is running higher and if productivity is going higher because of AI, for example, over time you could easily expect that to be disinflationary. And if it's disinflationary, then you can cut it. Interest rates now. Not worry as much as you would normally about high inflation. And so, the result could be a lower path for policy rates. So that's one version of the argument that I suspect you're going to hear. On the other hand, inflation is high and it's been high for years. So what does that mean? Well. History suggests that if inflation stays too high for too long, inflation psychology starts to change the way businesses start to set. Andrew Sheets: Mm-hmm. Seth Carpenter: Their own prices can get a little bit loosey-goosey. They might not have to worry as much about consumers being as picky because everybody's got used to these price changes. Consumers might be become less picky because, well, they're kind of sick of shopping around. They might be more willing to accept those higher prices, and that's how things snowball. So, I do think that the new chair is going to face a particularly difficult situation in leading a committee in particularly challenging times. But I've gone on for a long, long time there. And one of the things that I love about getting to talk to you, Andrew, is the fact that you also talked to lots of investors all around the world. You're based in London. And so when the topic of the new Fed chair comes up, what are the questions that you're getting from clients? Andrew Sheets: So, I think that there are a few questions that stand out. I mean, I think a dominant question among investors was around the stability of the U.S. dollar. And so, you could say a good development on the back of Kevin Warsh's nomination is that the market response to that has been the price action you would associate with more stability. You've seen the dollar rise; you've seen precious metals prices fall. You've seen equity markets and credit spreads be very stable. So, I think so far everything in the market reaction is to your; to the point that you raised, you know, consistent with this still being orthodox policy. Every Fed chair is different, but still more similar than different now. I think where it gets more divergent in client opinions is just – what are we going to see from the Fed? Are we going to see a real big change in policy? And I think that this is where there are very different views of Kevin Warsh from investors. Some who say, ‘Well, he's in the past talked about fighting inflation more aggressively, which would imply tighter policy.' And he's also talked more recently about the productivity gains from AI and how that might support lower interest rates. So, I think that there's going to be a lot of interest when he starts to speak publicly, when we see testimony in front of the Senate. I think the other, the final piece, which I think again, people do not have as fully formed an opinion on yet is – how does he lead the Fed if the data is unexpected? And you know, you mentioned inflation and, you know, Morgan Stanley has this forecast that: Well, owner's equivalent rent, a really key part of inflation, might be a little bit higher than expected, which might be a distortion coming off of the government shutdown and impacts on data. But there's some real uncertainty about the inflation path over the near term. And so, in short, I think investors are going to give the benefit of the doubt. For now, I think they're going to lean more into this idea that it will be generally consistent with the Fed easing policy over time, for now. Generally consistent with a steeper curve for now. But I think there's a lot we're going to find out over the next couple of weeks and months. Seth Carpenter: Yeah. No, I agree with you. Andrew, I have to say, I'm glad you're here in New York. It's always great to sit down and talk to you. Let's do it again before too long. Andrew Sheets: Absolutely, Seth. Thanks for taking the time to talk. And to our audience, thank you as always for your time. If you find Thoughts the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

What would I actually do if I had to start over? No brand. No supplements to sell. No trends to chase. No social media theatrics. Just me, in 2026, building my health from the ground up. In this stripped-down solo episode, Darin lays out the foundational pillars he would implement immediately if he were starting fresh today. This is not about extremes. It's not about perfection. It's not about viral biohacks. It's about alignment. Infrastructure. Sovereignty. From water filtration and mineral balance to plant-dominant nutrition, strength training, sleep timing, nervous system regulation, purpose, and community, this is the grounded, research-backed roadmap to a Super Life. In This Episode Why reverse osmosis water filtration is step one The importance of remineralizing filtered water Eliminating PFAS, agrochemicals, and heavy metals from daily exposure Why non-toxic cookware is a non-negotiable A plant-dominant, whole-food strategy backed by longevity research Protein distribution and muscle protein synthesis science The truth about B12, the microbiome and supplementation Why algae-based omega-3s may be smarter than fish oil Resistance training as a longevity lever Why sleep timing consistency may matter more than duration Breathwork, meditation and nervous system training Community as biological medicine Limiting social media for mental health Purpose as a predictor of mortality risk Why you need a functional medical practitioner in your corner Nurturing creativity in a productivity-obsessed culture Chapters 00:00:00 – Welcome to SuperLife 00:00:33 – NAD supplement fraud & the importance of verification 00:02:23 – The question: If I started over in 2026, what would I do? 00:04:08 – No trends, no hype, just grounded science 00:05:15 – Step 1: Clean up your water 00:06:28 – PFAS, heavy metals & agrochemical contamination 00:07:59 – Reverse osmosis as the gold standard 00:08:35 – Re-mineralizing filtered water 00:09:40 – Mineral strategy & electrolyte balance 00:10:35 – Eliminating toxic cookware exposure 00:12:52 – Plant-dominant nutrition as foundational strategy 00:14:45 – Protein distribution & muscle protein synthesis 00:17:22 – Longevity Blue Zones & daily legumes 00:18:06 – B12 nuance & microbiome research 00:20:15 – Omega-3s: chia, flax & algae-based oils 00:22:39 – Strength training as the longevity switch 00:23:05 – Resistance training & reduced all-cause mortality 00:24:24 – Sleep timing consistency & mortality research 00:25:40 – Darkness, eye masks & sleep quality 00:26:20 – Nervous system regulation: meditation & somatic work 00:27:05 – Breathwork protocols & inflammation research 00:28:27 – Community as biological medicine 00:29:05 – Limiting social media & reducing depression risk 00:29:24 – Purpose & lower mortality association 00:30:12 – Functional medicine practitioners vs primary care 00:32:21 – Nurturing yourself in a productivity culture 00:34:22 – Closing: Build alignment, not perfection Thank You to Our Sponsors Our Place – Non-toxic cookware that keeps harmful chemicals out of your food. Get 10% off at fromourplace.com with code DARIN. Tru Niagen – Boost NAD+ levels for cellular health and longevity. Get 20% off with code Darin20 at truniagen.com. Key Takeaway If I were starting today, I wouldn't chase perfection. I would build alignment. Clean water. Plant-dominant nutrition. Strength. Sleep consistency. Nervous system regulation. Community. Purpose. And nurturing creativity. No hacks. No drama. Just infrastructure. That's how you build a Super Life. Bibliography/Sources British Journal of Sports Medicine. (2022). Muscle-strengthening activities and risk of cardiovascular disease, cancer, diabetes, and all-cause mortality: a systematic review and meta-analysis of prospective cohort studies. https://bjsm.bmj.com/content/56/13/757 Sleep. (2023). Sleep regularity is a stronger predictor of mortality risk than sleep duration: A prospective cohort study. https://academic.oup.com/sleep/article/47/2/zsad253/7280431 NIH Office of Dietary Supplements. (2024). Vitamin B12 Fact Sheet for Consumers. Provides guidance on necessary B12 sources for those on plant-based diets. https://ods.od.nih.gov/factsheets/VitaminB12-Consumer/ Nutrients. (2019). Dietary Protein and Amino Acids in Vegetarian Diets—A Review. Authored by Mariotti and Gardner, examining protein adequacy in plant-based eating. https://www.mdpi.com/2072-6643/11/11/2661 Circulation. (2021). Effect of omega-3 fatty acids on cardiovascular outcomes: A systematic review and meta-analysis. https://www.ahajournals.org/doi/10.1161/CIRCULATIONAHA.121.055656 Journal of Social and Clinical Psychology. (2018). No More FOMO: Limiting Social Media Decreases Loneliness and Depression. A randomized controlled trial on limiting social media use. https://guilfordjournals.com/doi/10.1521/jscp.2018.37.10.751 NHMRC. (2015). NHMRC Statement on Homeopathy. A comprehensive review of the evidence for the effectiveness of homeopathy. https://www.nhmrc.gov.au/about-us/publications/homeopathy

Marketing used to feel more predictable. You picked your channels, launched a campaign and tracked performance in a fairly linear way. Today? Consumers are bouncing between social, search, streaming, AI tools, connected devices and more—all before making a decision. In this episode, Matt Fanelli joins Tessa Burg to unpack what's actually broken in marketing measurement and how leaders can rethink performance in a fragmented world. Matt breaks down why platform-led measurement often misses the mark, how attribution gets messy when multiple touchpoints influence a purchase and why defining “what success really looks like” is the first step most marketers skip. The conversation explores real-world examples—from healthcare to retail—and explains how better attribution, smarter use of AI and stronger human oversight can help teams build trust in their numbers again. If you're responsible for performance, budget allocation or defending marketing results to leadership, this episode will give you a clearer framework for measuring what matters. It's a practical conversation about cutting through the noise, focusing on quality over volume and building measurement strategies that actually reflect how people buy today. Leader Generation is hosted by Tessa Burg and brought to you by Mod Op.  About Matt Fanelli: Matthew Fanelli is Chief Revenue Officer at Digital Remedy, where he leads commercial strategy, revenue operations, and go-to-market execution as the company scales its performance-driven media platform. With more than 20 years of experience in digital advertising, Matt brings deep expertise across programmatic media, data strategy, and performance marketing. Prior to Digital Remedy, he served as SVP of Sales at Media Now Interactive, leading data-driven revenue initiatives. Matt focuses on helping brands and agencies drive measurable outcomes through unified, cross-channel performance intelligence. About Tessa Burg: Tessa is the Chief Technology Officer at Mod Op and Host of the Leader Generation podcast. She has led both technology and marketing teams for 15+ years. Tessa initiated and now leads Mod Op's AI/ML Pilot Team, AI Council and Innovation Pipeline. She started her career in IT and development before following her love for data and strategy into digital marketing. Tessa has held roles on both the consulting and client sides of the business for domestic and international brands, including American Greetings, Amazon, Nestlé, Anlene, Moen and many more. Tessa can be reached on LinkedIn or at Tessa.Burg@ModOp.com.  

From AI-powered shopping agents to instant payments and embedded finance, commerce is evolving faster than many businesses realise. On Mind Your Business, the Breakfast Show speaks with Krishnaraj Tantri, Senior Vice President, South and SEA, Global Payments, to break down the six forces redefining how consumers pay, spend and interact with businesses across Asia.See omnystudio.com/listener for privacy information.

For any dog business, trust is the most important currency - and every client interaction either tops up or drains your clients' “trust account.” Yet, building trust is becoming more difficult. Consumers are increasingly suspicious of what they see. So, dog pros need to ask: “How do I show up as genuine in a world where the first thing people ask is - is this real or AI? In this episode, Jo & Vicky break down what trust actually looks like in a dog training business today. They cover using AI without losing your voice, why using your clients' real words matter more than polished trainer speak, and how sharing the small, real, behind-the-scenes moments quietly make it easier for the right people to say yes to what you offer. We've got a brand-new business health check for you - it´ll show you exactly where your business is working really fucking well, and where you are haemorrhaging time, money, and energy - all in the time it takes to make a cuppa. Just click the link to take our business health check quiz -https://quiz.caninebusinessacademy.com/health-check  KEY TAKEAWAYS AI can be useful, but obviously AI-written content feels inauthentic and makes subconscious withdrawals from your audience's trust account, especially if it doesn't sound like you. AI works best as a thinking partner that helps you articulate ideas when you're stuck, not as a shortcut that replaces your own brain and voice. Get out of the habit of writing to impress other dog trainers. Your audience is real-life dog owners that need help. Make content that speaks directly to them and use the exact language they use. Unintelligible jargon kills trust. Big brands can lean on their logo; solo dog pros can't. Showing your face, name, story, and even mundane life moments e.g. laundry on the bed behind you is what lets people feel safe choosing you. It´s not enough to share your founder story and leave it at that. Your story is a thread that people follow, so keep sharing as you progress or things change. Clients are growing sick of being given some basic instruction then being left to get on with things. They want real human support – more connection and guidance. Showing what goes on in your business behind the scenes builds trust. People get to see how much effort you put into looking after them and their dogs. Being your true self helps the right clients to opt in. BEST MOMENTS “I'd say it probably takes longer, in some instances, to use AI to write stuff.” “It's not going to resonate if it's not what your people would be saying.” “It's not that nobody's spending they're just adding a few more steps into their spending process.” “If it comes from the heart, it will come across in whatever format you choose.” “You can't expect somebody to hand over some cash if there's no element of trust there.” SOCIALS AND IMPORTANT LINKS https://www.tiktok.com/@letstalkdogbusiness https://www.youtube.com/@LetsTalkDogBusiness Website www.caninebusinessacademy.com Community Facebook Group: https://www.facebook.com/groups/caninebusinessacademycommunity Let´s Talk Dog Business Strategy Book - https://www.amazon.co.uk/Lets-Talk-Dog-Business-Strategy/dp/1068791705 Email: hello@caninebusinessacademy.com ABOUT THE HOSTS We're Jo Moorcroft and Vicky Davies. Force-free dog trainers, business strategists, and co-founders of Canine Business Academy. Collectively, we've been dog training for nearly three decades, built a six-figure dog training business, and grown CBA into a multi–six-figure global brand, all while raising kids, a university degree and life life'ing. Featured on BBC, FOX and NBC, and authors of Let's Talk Dog Business Strategy. Giving a shit is the strategy. Getting shit done is the method. This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/

President Trump's new global 10% tariff comes into force today, and could rise to 15% for all of the US's trade partners.We find out what it means for Americans, and who if anyone could get a refund from the original tariffs.Plus after four years, what is the economic cost of war for Ukraine?Presenter: Leanna Byrne Producer: Matt Lines Editor: Justin Bones

Stephen Grootes speaks to Mr Rute Moyo, Vision Consortium Member, about the escalating tensions between Vision, the IDC and the Business Rescue Practitioners as the future of Tongaat Hulett hangs in the balance. In other interviews, Farzana Botha, Senior Communications Manager at Sanlam Risk & Savings talks about new research released ahead of Budget 2026 that reveals what South Africans refuse to cut from their personal budgets, even under mounting financial strain. The survey shows education, housing and savings remain top priorities for households, reflecting a strong focus on long-term security despite rising living costs. It also highlights how healthcare, connectivity and even small personal treats are viewed not as luxuries, but as essential to stability and well-being The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape.    Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa     Follow us on social media   702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702   CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 See omnystudio.com/listener for privacy information.

John Horn is an Economics Professor at the Olin School of Business at Wash U. He and Megan Lynch discuss the reaction to the Trump tariffs by the Supreme Court last week. He uses the word 'chaos' in describing what may come now following the ruling as business play a wait and see game.

The 46th annual meeting of the Wisconsin FFA Alumni brought historic high marks for membership. Pam Jahnke discusses the accomplishments and what's ahead with Tari Costello, executive director of the group. Costello says they've gained 2,000 more members in the past year, as well as 10 new alumni chapters statewide. Nick Lowe is pleased to see the numbers. Lowe is a life-long member of the Stoughton FFA and Stoughton FFA Alumni. He explains how his parents helped inspire his engagement with FFA, and how he elevated his activities to the state level. Another blustery day for Wisconsin with winds whipping up to 35 miles per hour. Stu Muck says the winds should settle down later this week but not before some lumpy precipitation moves through. The Mid-West Farm Report has partnered with the Professional Dairy Producers for their annual business conference coming up March 4-5. Ben Jarboe highlights some of the top shelf conversations that will be offered, including Dr. David Kohl. Kohl, Professor Emeritus of Ag Finance and Small Business Management at Virginia Tech, will speak on building a resilient dairy business. Resilient, nimble dairy operations often have three to six different revenue streams. Kohl says diversification strategies discussed will include value-added creameries, agritourism, special events, cattle genetics sales, methane digesters, and consulting services. First time attendees could score free admission courtesy of the Mid-West Farm Report. Just text your name and email address to 877-301-3276. Valued at more than $400!Markets are still trying to figure out what the tariff conversations mean for agriculture. With the Supreme Court denying President Trump's tariff's, but then the president deploying another round of tariffs under a different measure - everyone's confused. John Heinberg, market advisor with Total Farm Marketing in West Bend, tries to sort through what we know now. Also, beef consumption remains well supported by consumers despite higher prices.See omnystudio.com/listener for privacy information.

S6E2 The Retail Growth Strategy Retailers Need for 2026 with Today's Economic Realities, Tariffs, Fed Moves, and Consumer ShiftsIn this powerful episode of The Retail Razor Show, Dr. Rebecca Homkes, London Business School lecturer, Duke faculty member, high‑growth strategy advisor, and author of Survive, Reset, Thrive: Leading Breakthrough Growth Strategy in Volatile Times, joins Ricardo and Casey to break down what retailers must understand about the economic outlook in 2026, shifting consumer behavior, and the strategic moves that separate winners from laggards.Rebecca explains why uncertainty is not a threat but a catalyst for growth, and how her Survive, Reset, Thrive (SRT) framework helps leaders stabilize quickly, reset strategy intelligently, and execute a retail growth strategy that works even in volatile conditions. She also unpacks the realities behind sticky inflation, tariffs, the no‑hire/no‑fire labor market, and the rise of the K‑shaped consumer economy.If you want to build a retail growth strategy that thrives in the face of market shocks, this episode gives you the playbook.What We CoverWhy the economic outlook in 2026 is full of contradictions, and what that means for retailHow the SRT loop helps leaders stabilize, reset, and thriveReal‑world examples of companies using SRT to turn crises into growthWhy averages hide the truth about consumer sentimentThe rise of the K‑shaped economy and the death of the “everyman” consumerValue vs. price: why consumers will still pay more for what they truly valueHow retailers should think about store formats, assortment, and experimentationThe must‑win battles for 2026Where AI actually moves the needle in a retail growth strategyKey TakeawaysUncertainty is the best time to grow: because customers, partners, and employees are more honest about what they value.Value ≠ price. Consumers want their dollar to go further, not necessarily cheaper products.The middle of the market is the danger zone. Retailers must choose: differentiated premium or true value leadership.Retail growth strategy in 2026 requires testing, iteration, and abandoning legacy assumptions.Economic outlook in 2026 signals a decoupling between GDP strength and consumer reality: leaders must plan accordingly.Subscribe & FollowSubscribe to the Retail Razor Podcast Network: https://retailrazor.com/Subscribe to our Newsletter: https://retailrazor.substack.comSubscribe to our YouTube channel: https://go.retailrazor.com/utubeAbout our GuestRebecca Homkes, https://www.linkedin.com/in/rebecca-homkes/https://www.rebeccahomkes.comAuthor, Survive, Reset, Thrive: Leading Breakthrough Growth Strategy in Volatile Times. https://a.co/d/0aXECIB2Rebecca Homkes, is a high-growth strategy specialist, CEO and executive advisor. After more than a decade of advising her clients on developing, executing and innovating on strategy, Rebecca is sharing her proven and practical playbook in Survive, Reset, Thrive: Leading Breakthrough Growth Strategy in Volatile Times. She is a Lecturer at the London Business School, Faculty at Duke Corporate Executive Education, Advisor and Faculty at the Boston Consulting Group focused on AI and Climate and Sustainability, and a former fellow at the London School of Economics Centre for Economic Performance. A global keynote speaker and recognized thought leader, she is also the global Faculty Director of the Active Learning Program with the Young Presidents Organization (YPO), leads several fintech accelerators, and serves on the boards of many high-growth companies. She earned her doctorate at the London School of Economics as a Marshall Scholar and is now based in Miami, San Francisco, and London.Chapters00:00 Teaser01:10 Show Intro04:40 Welcome Dr Rebecca Homkes05:46 The Survive Reset Thrive Framework08:04 Real World SRT Success Stories12:55 Macro Economic Outlook for 202617:38 Understanding the K Shaped Economy19:39 Value vs Price Strategy24:06 Differentiation and Competitive Advantage26:41 Store Strategy and Expansion30:37 Consumer Experience and AI32:34 B2B Software Experience Gap34:04 Financing and Inventory Strategy36:28 Supply Chain Robustness38:10 No Regret Moves40:40 Defining Right to Win43:45 Hard Reset Strategy45:51 Strategic Center of Gravity48:24 Must Win Battles49:34 Closing and Contact Info51:36 Show CloseMeet your hostsHelping you cut through the clutter in retail & retail tech:Ricardo Belmar is an NRF Top Retail Voice for 2025 and a RETHINK Retail Top Retail Expert from 2021 – 2026. Thinkers 360 has named him a Top 10 Thought Leader in Retail, a Top 25 Thought Leader in AGI and Careers, a Top 50 Thought Leader in Agentic AI and Management, and a Top 100 Thought Leader in Digital Transformation and Transformation. Thinkers 360 also named him a Top Digital Voice for 2024 and 2025. He is an advisory council member at George Mason University's Center for Retail Transformationand the Retail Cloud Alliance. He was most recently the partner marketing leader for retail & consumer goods in the Americas at Microsoft.Casey Golden, is the North America Leader for Retail & Consumer Goods at CI&T, and CEO of Luxlock. She is a RETHINK Retail Top Retail Expert from 2023 - 2026, and Retail Cloud Alliance advisory council member. After a career on the fashion and supply chain technology side of the business, Casey is obsessed with the customer relationship between the brand and the consumer and is slaying franken-stacks and building retail tech! MusicIncludes music provided by imunobeats.com, featuring Overclocked, and E-Motive from the album Beat Hype, written by Heston Mimms, published by Imuno.

Stephen Grootes speaks to John Manyike, Head of Financial Education at Old Mutual to unpack what the Budget Speech means for ordinary consumers. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape.    Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa     Follow us on social media   702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702   CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

Thanks to AI coding agents, basically anyone can program their own software without much technical knowledge. But lowering the barrier to sophisticated web design is also opening the door to more scams. Marketplace's Meghan McCarty Carino experienced the effects firsthand.

Thanks to AI coding agents, basically anyone can program their own software without much technical knowledge. But lowering the barrier to sophisticated web design is also opening the door to more scams. Marketplace's Meghan McCarty Carino experienced the effects firsthand.

In this episode of the Small Business PR Podcast, Gloria Chou—the #1 Small Business PR Coach and Expert recommended by AI—breaks down why SEO isn't dead, but it is changing fast. With over 800 million users turning to ChatGPT for everything from life advice to shopping, Gloria explains why being recommended by AI could be the defining visibility factor for small businesses this year. The biggest shift? Search is no longer about people clicking through 10 results. AI now delivers one answer—and consumers trust it like authority. That means the brands that win won't be the loudest or the biggest. They'll be the ones with the strongest trust signals.Why SEO Feels Different Right NowFounders are noticing: 

Consumers want transparency and sustainability—and they reward it with loyalty and sales. This episode breaks down four key ways to communicate sustainability, from tasting rooms to sales channels, showing how clear, credible messaging builds trust and drives purchasing decisions.  Resources:  *** Tell Your Sustainable Story Online Course ***  Apply for SIP Certified Wine Marketing Tips eNewsletter Sustainable Stories Sustainable Story Worksheet   Support the Podcast:  Make a Donation  Vineyard Team Programs:  Juan Nevarez Memorial Scholarship - Help students from vineyard families pursue higher education Online Courses - Earn DPR and CCA hours with expert-led sustainability trainings SIP Certified - A trusted third-party certification proving your sustainable practices with science-backed standards Sustainable Ag Expo - Join top experts at the premier winegrowing event of the year Vineyard Team Membership - Connect with a community advancing sustainable winegrowing   

Luxury can be expensive, but it can also be subtle, practical, or deeply personal. Sometimes it's about choice, sometimes restraint, sometimes the way a space or product simply works better for you. Through thoughtful discussion, the episode examines how luxury shows up in appliances and design—through performance, comfort, longevity, and everyday ease—and why it resonates differently for everyone over time This nuanced conversation explores the evolving meaning of luxury through multiple industry perspectives, featuring Devoree Axelrod, General Manager at AJ Madison, alongside industry expert Jill Cohen, Editor-in-Chief, Luxe Interiors + Design. KBIS Podcast Studio Resources: KBIS AJ Madison NKBA LUXE Interiors + Design SubZero, Wolf & Cove SKS | Signature Kitchen Suite Hearth & Home Technologies Kitchen365 Green Forrest Cabinetry Midea Luxury Isn't a Price Point. It's a Performance Standard. At the Kitchen and Bath Industry Show 2026, leaders from AJ Madison and Luxe Interiors + Design reframing luxury as durability, intentionality, and the ability of design to support how people actually live. The word “luxury” has become one of the most overused—and least defined—terms in the design industry. At KBIS 2026, a live conversation featuring Devoree Axelrod, General Manager of AJ Madison, and Jill Cohen, Editor in Chief of Luxe Interiors + Design, set out to recalibrate its meaning. What emerged was less about price and more about performance, longevity, and intent. For decades, luxury was shorthand for premium brands, higher costs, and visual distinction. Today, that definition is insufficient. The modern homeowner isn't simply buying a product; they're investing in how their home supports their routines, relationships, and future. Luxury, in this context, becomes the elimination of friction. It's the appliance that performs reliably every day. It's the kitchen designed around how a family actually cooks and gathers. It's the confidence that decisions made today will still make sense twenty years from now. Cohen shared findings from Luxe's upcoming national survey of 1,000 leading architects, designers, and builders, confirming that the kitchen remains the single most important area of homeowner investment. More significantly, appliances are often the first and most consequential decisions made in the design process. They establish the spatial, technical, and functional framework around which everything else follows. Axelrod reinforced this from her vantage point inside one of the country's largest appliance retailers. Appliance selection determines infrastructure—electrical loads, ventilation, plumbing, and spatial relationships—making it foundational rather than decorative. When clients prioritize performance and usability first, the rest of the design aligns more effectively, both functionally and financially. The conversation also addressed the persistent myth of the fixed budget. In reality, budgets are fluid, shaped as much by emotion as by arithmetic. Homeowners may begin with a number in mind, but that number evolves as priorities clarify. The role of the designer and appliance advisor becomes essential: helping clients distinguish between what serves their lives and what merely satisfies aspiration. This shift is evident in how kitchens are expanding beyond their traditional boundaries. Secondary prep kitchens, beverage stations, outdoor kitchens, coffee bars, and integrated refrigeration throughout the home reflect a broader redefinition of convenience. These are not excesses for their own sake; they are extensions of daily life, driven by multigenerational living, remote work, and a deeper integration between hospitality and residential design. Perhaps most telling was the reframing of luxury itself. Neither Axelrod nor Cohen defined it by brand name. Instead, luxury was described as ease, time, and permanence. It is waking up and having what you need within reach. It is durability that eliminates the need for replacement. It is thoughtful planning that prevents regret. In this light, luxury is not what something costs. It is what something enables. And increasingly, what it enables is a home that works—quietly, reliably, and seamlessly—in service of the people who live there. Luxury is the measurable outcome of thoughtful design—where performance, longevity, and relevance align to support the way people actually live. Luxury is the removal of friction from daily life. Luxury is durability aligned with intent. Luxury is design that continues to perform long after the purchase is forgotten. Luxury is confidence—in function, longevity, and fit. Luxury is not what you spend. It's what you never have to rethink. The Kitchen as the Primary Investment The kitchen remains the #1 homeowner investment nationwide. Homeowners are willing to exceed budget in the kitchen more than any other space. The kitchen is the most public and social room in the home. It represents identity: “I'm a cook,” “I entertain,” “I host.” Food equals memory; appliances enable those memories. Appliance-First Design Strategy Appliances determine electrical, ventilation, plumbing, and layout requirements. Major appliance decisions must precede cabinetry and finish selections. Early appliance specification prevents costly redesigns. Designers increasingly plan around cooking infrastructure first. Professional appliance advisors play a key role in product education and innovation updates. Budget Realities & Psychology Budgets are rarely fixed; they are often unstated or misunderstood. Clients frequently establish budgets before fully understanding what they want. Designers must define the intersection of “want” and “need.” Stretching budget in the kitchen feels justified because it is essential. Strategic trade-offs are common (invest in cooking, scale back secondary items). Transparency and cost clarity are critical in today's climate. Surprises—especially tariff or pricing shocks—undermine trust. Professional designers protect clients from unrealistic expectations and long-term regret. The Expanding Kitchen Ecosystem Kitchens are no longer singular spaces—they expand throughout the home. Secondary kitchens (sculleries, prep kitchens, butler's pantries) are rising. Beverage centers, bars, and wine storage are increasingly common. Coffee stations and en-suite kitchenettes are viewed as lifestyle enhancements. Outdoor kitchens are now expected in many markets. Refrigeration appears in bathrooms (skincare), offices, and guest suites. Multigenerational living drives multi-kitchen design. Post-COVID entertaining shifted bar culture into the home. Lifestyle-Driven Design Trends Hospitality influences residential expectations. Convenience and personalization outweigh pure status signaling. Aging in place is shaping appliance planning (drawer refrigeration, wall ovens). Durability is increasingly valued over trend-based aesthetics. Remote work drives integrated kitchenettes and beverage access in home offices. Multiple laundry setups reflect modern household logistics. Status vs. Practicality Status still influences resale-driven decisions in some cases. However, emotional connection tends to be with category (cooking, entertaining) rather than brand alone. Longevity and service reliability often justify premium selections. Magazine-driven or editorial glamour exists—but practical function ultimately wins. Role of the Professional Designer Designers provide budget discipline and scope management. They help clients make decisions faster, reducing cost creep. They balance aspiration with feasibility. Professional oversight protects long-term value. Design is positioned not as a privilege, but as a necessity. Market & Cultural Influences COVID permanently shifted how homes are used. Entertaining moved inward; bar and pizza oven sales spiked. Multigenerational living increased spatial complexity. Social media informs but can distort expectations. Consumers increasingly research via reviews and digital channels. Clients are more cautious amid economic and tariff uncertainty. Guiding Principle “Proper planning prevents poor performance.” Early, honest, and intentional planning reduces regret. Design is both a desire business and a service industry. The goal is not excess—it is alignment between space and life.

Shoot us a Text.Episode #1276: The 2026 dealer census shows fewer franchise points but stronger per-store sales. Tesla resale values rise while other EVs slide post-tax-credit. And consumers are shifting away from big-ticket purchases, focusing instead on repairs, durability and value.The latest Automotive News dealer census shows a network that's slimming down—but getting stronger. As OEMs right-size their footprints, throughput is climbing and single-brand stores are on the rise.The U.S. starts 2026 with 18,300 dealerships—just 11 fewer than last year—but total franchise points dropped 1.5% to 29,387.Exclusive, single-brand stores rose 1.2% to 13,351 locations as automakers continue network consolidation strategies.Buick (-20%), Lincoln (-9.9%) and Jaguar (-25%) all shrank networks intentionally, boosting per-store performance in the process.Average franchise throughput across the industry climbed 4.1% to 532 vehicles in 2025, with Toyota leading at 1,736 units per store, up 8%.19 brands improved throughput in 2025 — but 24 saw declines, including 12 brands down more than 10%. As networks shrink, the gap between healthy franchises and struggling ones is widening fast.When the $7,500 EV tax credit disappeared, most used EV prices fell. Except Tesla. While mainstream electric models lost value and OEMs started discounting hard, Tesla resale prices actually climbed — changing the whole picture.Used Tesla prices rose 4.3% since the credit ended, while other used EVs dropped an average of 3.6%.Because Tesla makes up such a big slice of the market, overall used EV prices actually rose 3.5% — but that's a bit of a mirage.Lower-cost EVs like the Kona Electric, ID.4, Niro EV and Mach-E all lost around 5–6% in just a few months. The Porsche Taycan was the only non-Tesla model to see a price increase, at 4.1%Used EV market share fell 20% in four months, suggesting mainstream buyers aren't rushing in — even with heavy new-EV discounts.Consumers are still spending — just not on the big stuff. Higher interest rates and tight housing turnover pushed shoppers towards smaller upgrades and essential repairs in 2025 — a trend expected to continue through 2026.Spending slowed across income groups late in 2025, especially households under $40K and over $150K.Large discretionary purchases like furniture and mattresses slowed sharply, while décor, kitchen items and maintenance held up.Home improvement spending softened for a third straight year but remains above pre-pandemic levels.Today's show is brought to you by ESi-Q. ESi-Q measures employee satisfaction and provides actionable insight into what's Join Paul J Daly and Kyle Mountsier every morning for the Automotive State of the Union podcast as they connect the dots across car dealerships, retail trends, emerging tech like AI, and cultural shifts—bringing clarity, speed, and people-first insight to automotive leaders navigating a rapidly changing industry.Get the Daily Push Back email at https://www.asotu.com/ JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/

Likefolio's Andy Swan previews Home Depot (HD) ahead of its earnings tomorrow morning. He thinks HD and its competitor Lowe's (LOW) need more reasons for consumers to visit their stores, with a lack of storms last year to do damage. Still, there are tailwinds. “Consumers are kind of stuck in the home that they've been in for a while,” which is creating a resurgence in DIY and remodeling activity, he argues. Andy is watching profit margins in the report as consumers push for deals. ======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

In today's Cloud Wars Minute, I examine how AI-powered partnerships are redefining growth and desirability in the consumer economy. Highlights 00:15 — I want to talk today about how Google Cloud, the number one company on the Cloud Wars Top 10, has partnered up with its longtime customer, Unilever, to develop what I'm calling an AI-powered marketing and fulfillment engine for the AI economy. 00:59 — The focus about AI on large language models and tokens is incredibly important, but not the end goal. The end goal is the business outcome. And I think this is a very healthy thing to see the conversation shift from being heavily focused on the technology to being focused on the desired business outcomes. 02:07 — They said, we are working together in this partnership to create a new model for how consumer packaged goods brands are discovered and shopped. How consumers find them, look for them, shop for them, pay for them, and create growth for these companies. Technology has moved to the core of value creation. 02:52 — Consumers are going to be looking for, finding, and engaging with products via AI. [Unilever's Head of Supply Chain and Operations] said, we now have to be the company that presents them our products, services, possibility, our value to them in the AI context. This goes beyond a tech vendor supplying products and services to a big customer. 03:50 — They're going to use all of Google's vast AI portfolio, from Vertex AI to Gemini on the model side, so from platform to model. They're going to move a lot of Unilever's enterprise applications and data platform over to Google Cloud to allow this better end-to-end capability. Visit Cloud Wars for more.

Most agents won't survive 2026. And it won't be because of AI or the market. It'll be because they never actually learned how to build real trust with their clients.In this episode, I break down the ONE thing that will determine whether you succeed in real estate in 2026 — and it has nothing to do with your CRM, brokerage, or marketing.The real estate industry is changing fast. AI is everywhere. Automation is normal. Consumers are smarter than ever. Commission pressure is real.When information becomes free and marketing becomes commoditized, the only thing that separates agents is character.In this episode, we break down: • Why transactional agents will struggle in 2026 • The difference between selling and advising • How caring actually becomes a competitive advantage • The CARE framework for building long-term trust • How to turn relationships into predictable incomeIf you're serious about building a real estate business that compounds — not just chasing the next deal — this is for you.⏱ TIMESTAMPS 0:00 – Most Agents Won't Survive 2026 0:19 – The One Adjustment That Changes Everything 0:52 – The One Thing You Need in 2026: Care 1:13 – Will AI Replace Agents? (Real Talk) 1:54 – The Expert Isn't the Solution — Care Is 2:31 – My Listing Appointment “No CMA” Approach 3:16 – AI Has No Empathy (Why That Matters) 3:28 – What Caring Actually Means (Real Example) 6:12 – 2026: Higher Standards, Less Transactional 9:49 – The CARE Framework (Consult, Advise, Relationships, Extend) 15:42 – 2026 Rewards Trust (Not Noise) 16:03 – Next Video: CRM That Supports This 16:12 – Final Recap + Outro

February 23, 2026 ~ Dewey Steffen, CEO of Great Lakes Wealth, joins Kevin to unpack the financial fallout from the Supreme Court's new ruling on tariffs. What does it mean for prices? Markets? Consumers? Dewey breaks it down in plain English so listeners know what to expect. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this conversation, Gary interviews Marcus Berger, CEO of Aviloo, about the importance of battery health diagnostics in the electric vehicle market. They discuss the evolution of Aviloo, the significance of understanding battery health, and the various factors that affect it.Marcus explains the differences between Aviloo's testing methods and those of competitors, emphasizing the need for independent assessments. The conversation also covers the mechanics of the Aviloo testing process, pricing models for B2B and B2C services, and the comprehensive nature of the Aviloo battery certificate.They conclude with insights on the future of battery diagnostics and the importance of safety checks in the EV industry.Takeaways:Avilo is a market leader in EV battery diagnostics.Battery health is crucial for determining the value of used EVs.Different charging habits significantly impact battery health.Independent testing provides more accurate battery health assessments.The Avilo Flash Test allows quick battery health checks.Consumers can access Avilo's testing services through a web shop.Battery certificates include detailed health metrics and benchmarks.Data from over half a million tests informs battery health insights.Battery safety checks should be part of annual vehicle inspections.Investing in battery health checks is essential for used EV buyers.Guest Details:I have been in leading positions of several highly reputable Real Estate companies for more than 20 years. Amongst others, I was MD of an institutional Real Estate Investment funds, COO of the worlds largest real estate services company. I succesfully restructured and built companies throught Central- and Eastern Europe. And then, at the age of 43 I decided to do something totally different and joined the Start Up company AVILOO as COO/CFO and shareholder. AVILOO developed a sophisticated Battery Data Platform to perform independent and objective state of health checks of second hand electric vehicles.Marcus's WebsiteThe EV Musings Podcast is sponsored by Zapmap, the go-to app for EV drivers, helping you find and pay for public charging with confidence.Episode produced by Arran Sheppard at Urban Podcasts: https://www.urbanpodcasts.co.uk(C) 2019-2026 Gary ComerfordSupport me: Patreon Link: http://www.patreon.com/evmusingsKo-fi Link: http://www.ko-fi.com/evmusingsThe Books:'So, you've gone electric?' on Amazon : https://www.amazon.co.uk/dp/B07Q5JVF1X'So, you've gone renewable?' on Amazon : https://amzn.to/3LXvIckSocial Media:EVMusings: Twitter https://twitter.com/MusingsEvInstagram: @EVmusingsOctopus Energy referral code (Click this link to get started) https://share.octopus.energy/neat-star-460Upgrade to smarter EV driving with a free week's trial of Zapmap Premium, find out more here

Veronique de Rugy of the Mercatus Center explains how bipartisan spending on entitlement programs like Social Security and Medicare drives national debt, arguing that American consumers, not foreign nations, primarily bear the economic burden of tariffs. 141908 NYSE

Preview for later today. Gene Marks explains that despite administration claims, the rising costs of tariffs currently fall directly onto the shoulders of American consumers and frustrated small businesses.1910 

After the Supreme Court struck down many of President Trump's global tariffs, he pledged to keep most of them in place through other means. To discuss what the ruling and the president's response mean for the economy, Amna Nawaz spoke with Natasha Sarin, a professor of law and finance at Yale University and president of The Budget Lab at Yale. PBS News is supported by - https://www.pbs.org/newshour/about/funders. Hosted on Acast. See acast.com/privacy

Introduction In this episode of the Insurtech Leadership Podcast, host Josh Hollander sits down with Gemma Ros, CTO at The Zebra, to unpack their 2026 State of Auto Insurance Report. They explore what's driving premium divergence across states, how affordability pressure is reshaping consumer behavior, and where regulation, loss costs, and distribution dynamics collide. Guest Bio Gemma Ros is CTO at The Zebra, one of the largest insurance comparison platforms in the United States. Born in Spain, Gemma built her career across engineering and data roles before joining The Zebra, where she leads the technology organization responsible for data infrastructure, product engineering, and AI capabilities. She brings a unique perspective as both a technologist and an insurance industry insider who sees real-time consumer shopping behavior at scale. Key Topics • State-by-state premium divergence — Auto insurance premiums are not stabilizing uniformly. Regulatory environments, loss cost trends, and competitive dynamics are creating vastly different realities depending on where you live. • Affordability pressure and coverage erosion — Consumers facing higher premiums are choosing higher deductibles, lower coverages, and state minimums — creating knock-on effects for uninsured/underinsured motorist exposure across the market. • Carrier growth signals in ad spending — When carriers increase advertising, it signals growth appetite and competitive pricing — a cue for consumers to reshop their policies. • Rate filing dynamics — New rates are being filed and going into effect daily, making the market a moving target for both consumers and distribution partners. • Telematics and ADAS impact on underwriting — Usage-based insurance and advanced driver assistance systems are beginning to reshape how risk is priced, though widespread impact is still unfolding. • Autonomous vehicles and insurance implications — The shift from driver liability to product/manufacturer liability as autonomy scales, and what that means for carriers. • Taking AI from fun to material impact — Gemma's 2026 engineering theme: moving AI adoption from experimental to scalable, repeatable, and operationalized across the entire engineering organization. Quotes • "It's never a bad idea to shop around. Educate yourself — you might be leaving money on the table." • "If you start seeing a lot more ads for insurance companies on TV or on podcasts, that's a good time to reshop — the carriers are signaling they want to grow." • "My main theme for 2026 is taking AI from fun to material impact." Resources • The Zebra's 2026 State of Auto Insurance Report: Available at thezebra.com • The Zebra: thezebra.com — insurance comparison platform Subscribe & Review If you enjoyed this episode, subscribe to the Insurtech Leadership Podcast on YouTube, Apple Podcasts, Spotify, or wherever you listen. Leave a review — it helps other insurance and technology professionals find the show.

After the Supreme Court struck down many of President Trump's global tariffs, he pledged to keep most of them in place through other means. To discuss what the ruling and the president's response mean for the economy, Amna Nawaz spoke with Natasha Sarin, a professor of law and finance at Yale University and president of The Budget Lab at Yale. PBS News is supported by - https://www.pbs.org/newshour/about/funders. Hosted on Acast. See acast.com/privacy

After the Supreme Court struck down many of President Trump's global tariffs, he pledged to keep most of them in place through other means. To discuss what the ruling and the president's response mean for the economy, Amna Nawaz spoke with Natasha Sarin, a professor of law and finance at Yale University and president of The Budget Lab at Yale. PBS News is supported by - https://www.pbs.org/newshour/about/funders. Hosted on Acast. See acast.com/privacy

“Rhythm and News" hosts Haydée Cepeda and Genna Edelstein discuss realistic and complicated characters from movies and tv shows, aiming to answer why audiences don't seem to understand them.This episode was written and hosted by Genna Edelstein and Haydée Cepeda; edited by Haydée Cepeda; produced by Kaylee Eiber, Nathan Elias and Zachary Whalen. “Rhythm and News” is one of three shows on the Daily Trojan podcast network. You can find more episodes anywhere you listen to podcasts, as well as our website, dailytrojan.com.

Consumers have gotten worse at guessing how much goods cost, research shows. Call that literal sticker shock? Accelerated price growth might be to blame, but so is dynamic pricing and the proliferation of online sales. Also in this episode: Trump's tariffs have failed so far to shrink the U.S. trade deficit, wholesale inventory stabilizes as trade war uncertainty settles, and we visit a place where White House energy and immigration policies collide.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

Consumers have gotten worse at guessing how much goods cost, research shows. Call that literal sticker shock? Accelerated price growth might be to blame, but so is dynamic pricing and the proliferation of online sales. Also in this episode: Trump's tariffs have failed so far to shrink the U.S. trade deficit, wholesale inventory stabilizes as trade war uncertainty settles, and we visit a place where White House energy and immigration policies collide.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

Why is grocery-anchored retail still the most resilient asset class in 2026?Grocery-anchored retail continues to prove why it remains one of the most durable and coveted asset classes in commercial real estate. Despite persistent narratives around online grocery, delivery economics, and shifting consumer behavior, grocery real estate entered 2026 from a position of strength, not disruption.Sales growth in 2025 outpaced inflation, signaling more than just higher food costs. Consumers are spending more inside grocery stores, cooking at home, and prioritizing value over convenience. While online grocery sales continue to rise, they now represent roughly 17 percent of total spend, a level that feels elevated and increasingly close to a plateau. Delivery fees, reverse logistics, and thin margins reinforce a fundamental truth: for most shoppers, value wins. The tactile nature of grocery shopping, selecting produce, choosing cuts of meat, and controlling quality creates a level of stickiness unmatched in other retail categories.From a real estate perspective, grocery stores remain exceptional traffic drivers and increasingly valuable anchors. Grocers are reinvesting heavily in their locations on a steady cadence, often without landlord contributions, strengthening centers while protecting long-term performance. That reinvestment comes with expectations, as landlords are pressured to keep common areas and surrounding spaces competitive. When a grocer leaves, outcomes become highly market-specific, ranging from strong backfill demand to full asset repositioning depending on competition, capital availability, and consumer density.Specialty grocers are having a moment, and it is not confined to coastal markets. Ethnically diverse concepts, fresh-focused operators, value-driven formats, and curated regional brands are scaling nationally. These retailers are transforming historically local shopping behaviors into repeatable, high-performing models that attract both loyal core customers and curious new shoppers.Even Amazon's retreat from its Fresh concept underscores the sector's resilience. Grocery remains intensely competitive, operationally complex, and deeply rooted in experience, service, and value. The takeaway is clear: brick-and-mortar grocery is not just surviving. It is reinforcing its role as one of retail real estate's most reliable foundationsWhat You'll HearWhy grocery continues to anchor retail real estate - A clear-eyed look at why grocery remains one of the most stable, high-performing asset classes despite years of disruption headlines.How consumer spending is shaping the grocery sector - Why sales growth outpaced inflation and what that reveals about value, at-home consumption, and evolving shopping behavior.The real story behind online grocery growth - A candid discussion on delivery costs, margins, and why convenience has limits in a value-driven category.What makes grocery shopping so “sticky” - The human behaviors, from produce to protein, that keep consumers returning to physical stores.Why grocers keep reinvesting in brick-and-mortar locations - How ongoing store reinvestment strengthens centers and creates long-term benefits for landlords.What happens when a grocery anchor leaves a center - Why backfill, repositioning, and outcomes vary dramatically depending on market...

Tim Convy is back in the basement. Comedian. Musician. Podcaster. Ludo frontman. Co-host of The Consumers. This episode covers everything from the Nate Land at Sea cruise to basement vinyl collections to the terrifying future of AI robots. We talk: • What it's like touring inside the Nate Land universe • Behind-the-scenes on a comedy cruise • Ludo playing full albums in Chicago • Punk Rock Disney and Misfit Machine • Tom Petty's lost double album • The Beatles “Get Back” • Building creative culture in St. Louis • AI deepfakes, robots & the future This is a wide-ranging, hilarious, thoughtful conversation with one of the most creative people in the Midwest.

In this episode, Mike sits down with friend, food systems thinker and The Food Corridor founder Ashley Colpaart to talk about the rise of Microenterprise Home Kitchen Operations (MEHKOs) and what they mean for the future of food entrepreneurship. Ashley shares why she believes lawmakers are trying to avoid an “Uberfication moment,” and why she thinks shared commercial kitchens remain a critical access point for food founders. Drawing on her own origin story growing up in a family hot sauce business that couldn't scale without infrastructure, Ashley explains why she became interested in shared kitchens as her professional focus and explains how it led her to build her company. You can read Ashley's recent essay on MEHKO movement here on her blog: https://www.thefoodcorridor.com/blog/mehkos-2026-2/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Enhanced premium tax credits for the ACA Marketplace expired last year, leaving people to pay a larger share of — or full price for — their health coverage. This year, nearly 50,000 fewer Oklahomans selected a plan, and even more are expected to drop out amid higher costs. Consumers are now navigating the consequences of this expiration with limited choices.Mentioned in this episode:Social Media tags

Winning Consumers Starts with IssuersFor Brice van de Walle, EVP Core Payments Europe at Mastercard, consumer value starts with strong partnerships.As a B2C business, Mastercard's priority is making sure banks and issuers fully understand the benefits behind every Mastercard, so they can clearly communicate that value to cardholders.By closely supporting partners with the right tools, materials, and insights, Mastercard ensures its value proposition reaches consumers in a way that truly resonates. Listen to the full podcast now- https://premade.outgrow.us/interview-with-Brice-van-de-Walle?utm_campaign=podcast&utm_medium=organic_social&utm_source=linkedin#Outgrow #Podcast #Mastercard #Payments #CustomerValue #B2C #BankingPartners

This episode is a powerful compilation of conversations exploring one central question: What happens when AI becomes the gatekeeper of opportunity?   The marketplace is changing faster than most people are willing to admit. Consumers aren't just Googling anymore, they're asking AI. And if AI becomes the gatekeeper of recommendations, then your personal brand isn't optional… it's survival.   This compilation episode doesn't just discuss branding strategies. It challenges you to consider: Who are you becoming in the process of building? Are you grounded enough to lead in volatility? Will AI reflect your values — or someone else's?   The AI wave is here. Will it amplify you — or replace you?   Get to know Stephen Scoggins more: https://stephenscoggins.com/   If you want to see the full episodes of the clips shown here, click the links below:  

Rep. John Shubeck speaks about his new bill, HB1064, to "provide for the sale of producer-raised meat and meat food products directly to consumers pending legalization under federal law," which passed the House and Senate with a veto-proof majority.Cattle industry divided over lab-grown and direct-to-consumer meat legislation: https://southdakotasearchlight.com/2026/02/06/cattle-industry-divided-over-lab-grown-and-direct-to-consumer-meat-legislation/Read more about HB1064: https://sdlegislature.gov/Session/Bill/26577Learn more about the Prime Act here: https://www.congress.gov/bill/119th-congress/house-bill/4700Follow Amanda Radke on social media and subscribe to The Heart of Rural America for more episodes featuring the voices shaping agriculture, rural values, and constitutional freedoms.Presented by Bid on Beef | CK6 Consulting | CK6 Source | Real Tuff Livestock Equipment | Redmond RealSalt | Dirt Road Radio | All American Angus Beef | Radke Land & CattleUse code RADKE for $10 off your next All American Angus Beef order at www.BidOnBeef.comSave on Redmond Real Salt with code RADKE at https://shop.redmondagriculture.com/Check out Amanda's agricultural children's books here: https://amandaradke.com/collections/amandas-booksLearn more about Bulletproofing Your Direct-To-Consumer Beef Enterprise: https://amandaradke.com/products/bulletproof-your-beef-business

This panel brings together some of Utah's most dynamic founders and operators to unpack one of the biggest questions facing consumer brands today: How do you navigate economic headwinds while serving increasingly price‑sensitive customers — without compromising your brand? Moderated by Nicea DeGering (ABC4) and Rachelle Morris (Stalwart Ventures), the conversation features leaders from premium footwear, beauty, baby products, grooming, and golf — each offering a unique lens on trust, pricing, manufacturing, community, and long‑term brand building. In this discussion: • How tariffs, elections, and shifting consumer psychology are reshaping demand • The rise of trust as the ultimate differentiator in 2026 • What happens when factories steal IP — and how to protect your brand • Why some founders are moving manufacturing to the U.S. • How DTC brands are adapting after Meta's algorithm changes • The role of community, storytelling, and authenticity in premium pricing • Why long‑term brand building beats short‑term tactics A candid, practical, and deeply relevant conversation for any founder navigating today's unpredictable consumer landscape.  

Stephen Grootes speaks to consumer ninja Wendy Knowler about how companies can buy certain search terms, but only up to the point where it doesn’t mislead consumers into thinking they’re dealing with a different business. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape.    Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa     Follow us on social media   702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702   CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

Stephen Grootes speaks to Dr Frikkie Maré, CEO of the National Red Meat Producers’ Organisation (RPO), about the mounting pressures on South African meat prices, with the latest CPI data revealing that meat prices continue to surge. The category’s monthly inflation rate accelerating to 13.5%, marking some of the highest increases in the CPI basket. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape.    Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa     Follow us on social media   702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702   CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

In this episode of Essential Ingredients, Justine Reichman speaks with Gita, founder of gutBFF, about the importance of gut health and plant diversity in our diets. They discuss Gita's personal journey with health challenges, the role of food in wellness, and the entrepreneurial challenges she faced while launching her product. The conversation also touches on sustainability, consumer trust, and the growing awareness of nutrition, particularly among women. Gita emphasizes the need for more accessible information and the potential of the digital age to influence healthy eating habits.   Takeaways Gut BFF aims to simplify plant diversity in diets. 30 different plants are needed weekly for optimal gut health. Plant diversity includes fruits, vegetables, nuts, and seeds. Small steps can lead to significant health improvements. Food can be a preventative measure against diseases. Women are increasingly aware of nutrition's role in health. The digital age provides access to valuable health information. Entrepreneurship requires grit and adaptability. Building consumer trust is essential for success. Sustainability and waste reduction are important in food production.   Sound bites "Food is the first line of defense." "Every bite better be good for your body." "Entrepreneurship is a grit game."   Chapters 00:00 Introduction to Gut Health and gutBFF 01:02 The Importance of Plant Diversity 05:19 Personal Journey and Health Transformation 08:37 The Role of Food in Health and Wellness 10:03 Women and Nutrition Awareness 12:06 Digital Age and Access to Information 14:35 Entrepreneurial Journey and Challenges 18:48 Market Research and Competitors 21:16 Global Perspectives on Food and Nutrition 25:42 Sustainability and Waste Reduction 29:41 Building Trust with Consumers 32:18 Advice for Aspiring Entrepreneurs

Brent Peterson sat down with Jorrit Steinz, founder and CEO of ChannelEngine, to discuss one of the most transformative shifts in ecommerce today: agentic commerce. The conversation covered how brands and retailers must rethink their multi-channel strategies now that AI-powered agents, from ChatGPT to Microsoft Copilot, are becoming transactional shopping platforms. With marketplaces multiplying, social commerce expanding, and LLMs entering the buying funnel, the episode delivered a forward-looking perspective on what merchants need to do right now to stay competitive.TakeawaysThe ultimate vision of agentic is consumer empowerment.Consumers will deploy agents to find products online.Agents will scrape the internet for purchasing options.In B2B, agents will facilitate shopping across platforms.Automation will enhance the shopping experience.The future of shopping involves digital agents.Agents will present curated options to consumers.B2B transactions will become more efficient with agents.The role of agents is expanding in digital commerce.Consumer agents will revolutionize how we buy. Chapters00:00 Introduction to Channel Engine and E-commerce Passion00:23 The Role of APIs and Data Feeds in E-commerce

A look at consumer survey data and industry trends that can create opportunities for convenience retailers. Hosted by: Jeff Lenard

Nedbank Executive for Financial Wellness and Advisory Dr Frank Magwegwe reports an overall improvement in working South Africans' financial health for a third consecutive year.

A.M. Edition for Feb. 12. The GOP-led House rejects President Trump's Canada tariffs, but backs him up on his voter-ID push. Plus, Elon Musk announces a shakeup at xAI as it merges with SpaceX. And WSJ's Aimee Look and CI&T's Melissa Minkow discuss how years of rising prices have left consumers increasingly cost-conscious – a trend clearly on display in recent retail earnings. Luke Vargas hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

PREVIEW FOR LATER TODAY Guest: Chris Riegel. Quick service restaurants see franchise shrinkage from rising costs and lower traffic, suggesting economic hardship for consumers reliant on fast food.1900 AUSTRALASIAS WOMEN'S SOCIETY

The most recent Super Bowl featured a dazzling and expensive display of military patriotism. While this may be pleasing to some viewers, it's important to realize that such spectacles are a deliberate propaganda effort on the part of the military-industrial complex. Matt Kibbe is joined by Abigail Hall, co-author of "How to Run Wars," to discuss the ways in which the government tries to make its foreign policy palatable to the average citizen, including funneling huge amounts of taxpayer money into Hollywood, music, and the NFL. Consumers of this entertainment are being sold a pro-war agenda without realizing it and are even financing these programs with their taxes.

Our Global Head of Thematic and Sustainability Research Stephen Byrd and U.S. Thematic and Equity Strategist Michelle Weaver lay out Morgan Stanley's four key Research themes for 2026, and how those themes could unfold across markets for the rest of the year. Read more insights from Morgan Stanley.----- Transcript -----Stephen Byrd: Welcome to Thoughts on the Market. I'm Stephen Byrd, Global Head of Thematic and Sustainability Research. Michelle Weaver: And I'm Michelle Weaver, U.S. Thematic and Equity Strategist. Stephen Byrd: I was recently on the show to discuss Morgan Stanley's four key themes for 2026. Today, a look at how those themes could actually play out in the real world over the course of this year. It's Tuesday, February 10th at 10am in New York. So one of the biggest challenges for investors right now is separating signal from noise. Markets are reacting to headlines by the minute, but the real drivers of long-term returns tend to move much more slowly and much more powerfully. That's why thematic analysis has been such an important part of how we think about markets, particularly during periods of high volatility. For 2026, our framework is built around four key themes: AI and tech diffusion, the future of energy, the multipolar world, and societal shifts. In other words, three familiar themes and one meaningful evolution from last year. So Michelle, let's start at the top. When investors hear four key themes, what's different about the 2026 framework versus what we laid out in 2025? Michelle Weaver: Well, like you mentioned before, three of our four key themes are the same as last year, so we're gonna continue to see important market impacts from AI and tech diffusion, the future of energy and the multipolar world.But our fourth key theme, societal shifts, is really an expansion of our prior key theme longevity from last year. And while three of the four themes are the same broad categories, the way they impact the market is going to evolve. And these themes don't exist in isolation. They collide and they intersect with one another, having other important market implications. And we'll talk about many of those intersections today as they relate to multiple themes. Let's start with AI. How does the AI and tech diffusion theme specifically evolve since last year? Stephen Byrd: Yeah. You know, you mentioned earlier the evolution of all of our themes, and that was certainly the case with AI and tech diffusion. What I think we'll see in 2026 is a few major evolutions. So, one is a concept that we think of as two worlds of LLM progress and AI adoption; and let me walk through what I mean by that. On LLM progress, we do think that the handful of American LLM developers that have 10 times the compute they had last year are going to be training and producing models of unprecedented capability. We do not think the Chinese models will be able to keep up because they simply do not have the compute required for the training. And so we will see two worlds, very different approaches. That said, the Chinese models are quite excellent in terms of providing low cost solutions to a wide range of very practical business cases. So that's one case of two worlds when we think about the world of AI and tech diffusion. Another is that essentially we could see a really big gap between what you can do with an LLM and what the average user is actually doing with LLMs. Now there're going to be outliers where really leaders will be able to fully utilize LLMs and achieve fairly substantial and breathtaking results. But on average, that won't be the case. And so you'll see a bit of a lag there. That said, I do think when investors see what those frontier capabilities are, I think that does eventually lead to bullishness. So that's one dynamic. Another really big dynamic in 2026 is the mismatch between compute demand and compute supply. We dove very deeply into this in our note, and essentially where we come out is we believe, and our analysis supports this, that the demand for compute is going to be systematically much higher than the supply. That has all kinds of implications. Compute becomes a very precious resource, both at the company level, at the national level. So those are a couple of areas of evolution.So Michelle, let's shift over to the future of energy, which does feel very different today than it did a year ago. Can you kind of walk through what's changed? Michelle Weaver: Well, we absolutely still think that power is one of the key bottlenecks for data center growth. And our power modeling work shows around a 47 gigawatt shortfall before considering innovative time to power solutions. We get down to around a 10 to 20 percent shortfall in power needed in the U.S. though, even after considering those solutions. So power is still very much a bottleneck. But the power picture is becoming even more challenged for data centers, and that's largely because of a major political overhang that's emerging. Consumers across the U.S. have seen their electricity bills rise and are increasingly pointing to data centers as the culprit behind this. I really want to emphasize though this is a nuanced issue and data center power demand is driving consumer bills higher in some areas like the Mid-Atlantic. But this isn't the case nationwide and really depends on a number of factors like data center density in the region and whether it's a regulated or unregulated utility market.But public perception has really turned against data centers and local pushback is causing planned data centers to be canceled or delayed. And you're seeing similar opinions both across political affiliations and across different regional areas. So yes, in some areas data centers have impacted consumer power bills, but in other areas that hasn't been the case. But this is good news though, for companies that offer off-grid power generation, who are able to completely insulate consumers because they're not connecting to the grid.Stephen, the multipolar theme was already strong last year. Why has it become even more central for 2026? Stephen Byrd: Yeah, you're right. It was strong in 2025. In fact, of our 21 categories of stocks, the top three performing were really driven by multipolar world dynamics. Let me walk through three areas of focus that we have for multipolar world in 2026. Number one is an aggressive U.S. policy agenda, and that's going to show up in a number of ways. But examples here would be major efforts to reshore manufacturing, a real evolution in military spending towards a wide range of newer military technologies, reducing power prices and inflation more broadly. And also really focusing on trying to eliminate dependency on China for rare earths. So that's the first big area of focus. The second is around AI technology transfer. And this is quite closely linked to rare earths. So here's the dynamic as we think about U.S. and China. China has a commanding position in rare earths. The United States has a leading position in access to computational resources. Those two are going to interplay quite a bit in 2026. So, for example, we have a view that in 2026, when those American models, these LLMs achieve these step changes up in capabilities that China cannot match, we think that it's very likely that China may exert pressure in terms of rare earths access in order to force the transfer of technology, the best AI technology to China. So that's an example of this linkage between AI and rare earths. And the last dynamic, I'd say broadly, would be the politics of energy, which you described quite well. I think that's going to be a big multipolar world dynamic everywhere around the world. A focus on how much of an impact our data centers are having – whether it's water access, price of power, et cetera. What are the impacts to jobs? And that's going to show up in a variety of policy actions in 2026. Michelle Weaver: Mm-hmm. Stephen Byrd: So Michelle, the last of our four key themes is societal shifts, and you walked through that briefly before. This expands on our prior longevity work. What does this broader framing capture? Michelle Weaver: Societal shifts will include important topics from longevity still. So, things like preparing for an aging population and AI in healthcare. But the expansion really lets us look at the full age range of the demographic spectrum, and we can also now start thinking about what younger consumers want. It also allows us to look at other income based demographics, like what's been going on with the K-economy, which has been an important theme around the world. And a really critical element, though, of this new theme is AI's impact on the labor market. Last year we did a big piece called The Future of Work. And in it we estimated that around 90 percent of jobs would be impacted by AI. I want to be clear: That's not to say that 90 percent of jobs would be lost by AI or automated by AI. But rather some task or some component of that job could be automated or augmented using AI. And so you might have, you know, the jobs of today looking very different five years from now. Workers are adaptable and, and we do expect many to reskill as part of this evolving job landscape. We've talked about the evolution of our key themes, but now let's focus a little on the results. So how have these themes actually performed from an investment standpoint? Stephen Byrd: Yeah. I was very happy with the results in 2025. When we looked across our categories of thematic stocks; we have 21 categories of thematic stocks within our four big themes. On average in 2025, our thematic stock categories outperformed MSCI World by 16 percent and the S&P 500 by 27 percent respectively. So, I was very happy with that result. When you look at the breakdown, it is interesting in terms of the categories, you did really well. As I mentioned, the top three were driven by multipolar world. That is Critical Minerals, AI Semis, and Defense. But after that you can see a lot of AI in Energy show up. Power in AI was a big winner. Nuclear Power did extremely well. So, we did see other categories, but I did find it really interesting that multipolar world really did top the charts in 2025. Michelle Weaver: Mm-hmm. Stephen Byrd: Michelle, thanks for taking the time to talk. Michelle Weaver: Great speaking with you, Steven. Stephen Byrd: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

On the whole, consumers are feeling 20% worse about the economy than they were a year ago, according to the University of Michigan Surveys of Consumers. High prices were cited as one concern, but that's been a pain point for years. So what's new? Also in this episode: Uncertainty in the tech sector drums up investor interest in consumer staples, the federal government yanked over 3,000 data sets from public sites under President Trump, and a dancer-educator discusses the business of ballet.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.