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Key Wealth Matters, a podcast series hosted by the experts of the Key Wealth Institute, explores the biggest news of today to determine how these headlines can impact wealth plans, financial strategies, markets, and investments. Join our team of advisors for unbiased, proactive advice about individual and family finances, estate and legacy planning, family dynamics, investing, as well as trends for business owners, nonprofits, and institutions. To submit potential topics or questions to our experts, contact us via email at [email protected]. For more information, articles, or other insights related to wealth management, visit key.com/ourinsights. _____________________________________________________ We gather data and information from specialized sources and financial databases, including, but not limited to, Bloomberg Finance LP, Bureau of Economic Analysis, Bureau of Labor Statistics, Chicago Board of Exchange Volatility Index, Dow Jones and Dow Jones NewsPlus, FactSet, Federal Reserve and corresponding 12 district banks, Federal Open Market Committee, ICE Bank of America Move Index, Morningstar and Morningstar.com, Standard & Poor's, and Wall Street Journal and wsj.com. Key Wealth, Key Private Bank, Key Family Wealth, KeyBank Institutional Advisors, and Key Private Client are marketing names for KeyBank National Association, or KeyBank, and certain affiliates, such as Key Investment Services LLC, or KIS, and KeyCorp Insurance Agency USA, Inc., or KIA. The Key Wealth Institute is comprised of financial professionals representing KeyBank and certain affiliates, such as KIS and KIA. Any opinions, projections, or recommendations contained herein are subject to change without notice, are those of the individual authors, and may not necessarily represent the views of KeyBank or any of its subsidiaries or affiliates. This material presented is for informational purposes only and is not intended to be an offer, recommendation, or solicitation to purchase or sell any security or product or to employ a specific investment or tax planning strategy. KeyBank nor its subsidiaries or affiliates represent, warrant, or guarantee that this material is accurate, complete, or suitable for any purpose or any investor. It should not be used as a basis for investment or tax planning decision. It is not to be relied upon or used in substitution for the exercise of independent judgment. It should not be construed as individual tax, legal, or financial advice. Investment products, brokerage, and investment advisory services are offered through KIS, Member FINRA, SIPC, and SEC-registered investment advisor. Insurance products are offered through KIA. Insurance products offered through KIA are underwritten by and the obligation of insurance companies that are not affiliated with KeyBank. Non-Deposit products are: NOT FDIC INSURED • NOT BANK GUARANTEED • MAY LOSE VALUE • NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL OR STATE GOVERNMENT AGENCY ©2026 KeyCorp®. All rights reserved.

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Markets Look Past Iran Headlines as Oil Risks Evolve

2026/04/21

This week’s conversation focuses on how investors are weighing geopolitics against a market that’s showing signs of repair. The episode walks through key economic updates on housing, inflation, and manufacturing, then shifts to the latest Iran developments and what they could mean for energy supply chains, including jet fuel. On equities, the rally is framed as trend-positive but still uneven, with leadership tied to technology and the AI supply chain. On fixed income, the focus is on yield curve dynamics and a more hesitant policy backdrop. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 02:10 — Quick economic read: housing, inflation, claims, and manufacturing 06:36 — Iran update and what it means for oil and shipping routes 10:31 — Equity setup: trend repair, limited breadth, tech leadership 15:59 — Rates and the yield curve: what’s moving, and why it matters 20:03 — FedSpeak signals and why rate cuts look further out in the year Additional Resources Read: Key Questions: What Might Be Some of the Lasting Takeaways from the War in Iran? Read: 2026 State Summary of Inheritance, Estate, Gift, and Generation-Skipping Transfer Tax Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

Playing Through the Rough: PCE, CPI, and a Hawkish Fed Backdrop

2026/04/10

This week’s discussion focuses on how geopolitical risk and shifting rate expectations are driving markets more than fundamentals. Attention stays on developments in Iran and what a potential ceasefire could mean for energy prices, the dollar, and near-term volatility. Inflation remains a key swing factor, with mixed readings and a tone in recent Fed messaging that keeps the “higher for longer” debate alive. Against that backdrop, earnings progress can still be overshadowed as real rates pressure valuations and keep the market macro-driven. The conversation also frames what “fair value” looks like in municipal bonds versus Treasuries and why technicals and seasonality can matter in the months ahead. The takeaway emphasizes patience, diversification, and selective opportunity while headline risk stays elevated. For additional context, watch our national call replay Key Wealth National Call: Managing Wealth During the Fog of War, AI Disruption, & An Uncertain Economic Path. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Stephen Hoedt, Head of Equities Tim McDonough, Director of Fixed Income Portfolio Management 01:55 — The week’s inflation, employment, growth, and Iran setup 04:10 — PCE vs. CPI: what each read implies for Fed policy 10:15 — Strait of Hormuz risk and longer-run energy infrastructure shifts 15:23 — Municipal bonds: March drawdown, ratios, and supply-demand headwinds 20:34 — Closing message: volatility, diversification, and tuning out noise Additional Resources Register Now: Key Wealth National Call: Managing Wealth During the Fog of War, AI Disruption, & An Uncertain Economic Path Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

Markets in the Fog: War Risk, Earnings Reality, and Higher Rates

2026/03/27

This week’s discussion centers on how geopolitical risk, shifting rate expectations, and resilient earnings are reshaping the investment landscape. With economic data light, attention turns to the Iran conflict and its uneven market impact, including higher energy prices and renewed volatility. Equity valuations have reset meaningfully even as forward earnings expectations remain firm, reframing downside risk. The panel explores why markets now price a potential rate hike instead of cuts, how that shift is pressuring bonds and housing, and where leadership may reemerge once macro uncertainty fades. The takeaway emphasizes patience, selective opportunity, and disciplined positioning amid elevated uncertainty. We invite our listeners to continue the conversation on April 1 during the Key Wealth National Call: Managing Wealth During the Fog of War, AI Disruption, & An Uncertain Economic Path. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 01:33 — Initial claims update and delayed economic data 02:44 — Iran conflict and the market’s muted reaction 05:35 — Earnings momentum versus falling equity multiples 11:42 — Rate expectations flip from cuts to possible hikes 19:42 — Staying disciplined as volatility creates opportunity Additional Resources Register Now: Key Wealth National Call: Managing Wealth During the Fog of War, AI Disruption, & An Uncertain Economic Path. Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

Bracket Busting Week for Investors as Rates and Oil Take Center Court

2026/03/20

This week’s conversation focuses on a market environment defined by patience, uncertainty, and shifting expectations. The team walks through February economic data, highlighting steady industrial production, stable jobless claims, and a hotter producer price index that feeds directly into the Fed’s preferred PCE measure. Attention then turns to the FOMC decision to hold rates steady, with Chair Powell reinforcing a higher‑for‑longer mindset amid sticky inflation and a more dispersed dot plot. The discussion expands to private credit, separating recent headlines from underlying fundamentals, before closing with an equity market check on oil prices, inflation risks, and what flexibility and positioning mean for investors navigating a less predictable path forward. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Steve Hoedt, Head of Equities Cindy Honcharenko, Director of Fixed Income Portfolio Management David Harvan, Senior Lead Research Analyst of Multi-Strategy Research 02:17 — Economic data sets the backdrop for markets 03:38 — FOMC decision, projections, and Powell’s message 10:32 — Private credit fundamentals versus recent headlines 17:24 — Equity markets, technical levels, and oil volatility 22:00 — Gold, Nvidia, and closing investment perspective Additional Resources National Call Replay: Navigating Noise, Finding Meaning: A Conversation with Brian Portnoy, PhD, CFA Read: Key Questions: How Will Tariffs Impact My Financial Plan? Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

Quality Over Quantity: Credit Markets in a Volatile Week

2026/03/13

A volatile backdrop tied to the Iran conflict kept energy markets in focus and reinforced a higher-uncertainty tone across risk assets. Economic updates pointed to a jobs market that remains steady, inflation readings that are still not cooling meaningfully, and a growth picture that was revised from prior estimates. With next week’s FOMC meeting approaching, attention turns to how policymakers frame the inflation path and whether updated projections lean more restrictive than markets expect. In rates, repricing has favored a flatter curve and higher front-end yields, while in credit, demand has tilted toward higher-quality issuance with selectivity rising in lower-rated segments. Private credit headlines are being treated primarily as a liquidity story, underscoring the importance of structure and time horizon. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 01:32 — Three key data points: initial claims, CPI, delayed PCE, and GDP revision 05:07 — Iran conflict, oil volatility, and why duration matters most 14:58 — Fed dot plot stakes and yield curve flattening pressures 17:24 — Heavy corporate issuance and preference for high-quality concessions 20:05 — Private credit framed as liquidity risk, with selective opportunity Additional Resources National Call Replay: Navigating Noise, Finding Meaning: A Conversation with Brian Portnoy, PhD, CFA Read: Key Questions: How Will Tariffs Impact My Financial Plan? Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

Spring Forward, Markets Backpedal: Iran, Oil, and a Jobs Shock

2026/03/09

Volatility is framed as a two- front test: geopolitical escalation and a labor market miss that undercut confidence in near term growth. The investor fulcrum is oil. If disruption risk around the Strait of Hormuz persists, energy prices can revive inflation pressure just as employment momentum softens. That combination forces markets to debate whether the Fed stays patient on rates or is constrained by renewed price risks, creating sharp cross asset swings. The positioning message is discipline. Avoid abrupt shifts, lean on traditional defensives, and treat pullbacks as opportunities to add selectively. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 01:45 — Iran conflict sets the tone; oil and inflation risks rise 04:50 — Jobs report surprise: nearly 100,000 jobs lost 07:15 — Crude oil spikes 10% and Strait of Hormuz risk increases 14:55 — Ten-year yield moves above 4.17% as inflation concerns reprice 22:11 — Closing guidance: avoid bold moves while volatility plays out Additional Resources Read: Key Questions: How Will Tariffs Impact My Financial Plan? Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

Cold as Ice? When the Numbers Are Strong but the Market Isn’t Impressed

2026/02/27

As February closes, markets are grappling with a familiar tension: solid fundamentals meeting elevated expectations. This episode unpacks why strong earnings, including from Nvidia, have not translated into higher index levels, and why “sell‑the‑news” reactions are increasingly common in mega‑cap technology. The conversation highlights improving market breadth beneath the surface, stable labor conditions, and inflation data that keeps the Fed on hold. With bonds benefiting from a risk‑off tone and AI driving both optimism and disruption, the team reinforces the importance of diversification as leadership rotates and uncertainty persists. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 02:00 — Light economic calendar and a hotter‑than‑expected PPI print 03:45 — Nvidia earnings and why markets sold on the news 06:30 — Equal‑weight strength and evidence of broadening leadership 10:00 — Tariffs, AI disruption, and fading headline risks 14:15 — Bond market rally, yields below 4%, and Fed policy outlook Additional Resources Attend: Key Wealth National Call: Navigating Noise, Finding Meaning: A Conversation with Brian Portnoy, PhD, CFA Read: Key Questions: Small-Caps Outperform in Early 2026 — Will Momentum Continue? Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

Markets Digest Tariff Ruling as Inflation Pressures Persist

2026/02/20

This week’s discussion reflects a market navigating slower growth and firmer inflation. Fourth‑quarter GDP shows a clear downshift, while PCE inflation surprised to the upside on both headline and core measures. The panel explains why sticky inflation and recent FOMC minutes raise the bar for rate cuts, with markets responding through higher front-end yields and a flatter curve. Investors are also assessing the Supreme Court Tariff Ruling, which adds policy uncertainty at a time when markets are already range‑bound. Ongoing rotation beneath the surface reinforces the importance of diversification and discipline in a choppy environment. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 01:55 — Industrial production shows modest January strength 03:53 — GDP slowdown and PCE inflation surprise 07:35 — Fed outlook, yields, and rate‑cut expectations 12:12 — AI uncertainty and sector rotation beneath the market 16:05 — Supreme Court tariff ruling and market implications Additional Resources Attend: Key Wealth National Call: Navigating Noise, Finding Meaning: A Conversation with Brian Portnoy, PhD, CFA Read: Key Questions: Investing Before Lift‑Off – What Should Investors Know About Private Markets and the Next IPO Cycle? Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

A Market in Motion: Inflation Softens, IPOs Pop, and AI Stirs the Pot

2026/02/13

This week, we review a busy week of economic data, including updates on retail sales, employment, and inflation, and discuss what these signals mean for the broader economy. We ask how markets are digesting softening inflation, shifting Fed expectations, sector-level dispersion in equities, and ongoing volatility tied to AI-driven disruption. We end the episode with guest Sean Poe, Director of Investment Research at Key Wealth, who provides some guidance on how investors might think about IPOs, private markets and portfolio construction in the current environment. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy, Key Wealth George Mateyo, Chief Investment Officer, Key Wealth Rajeev Sharma, Head of Fixed Income, Key Wealth Steve Hoedt, Head of Equities, Key Wealth Sean Poe, Director of Investment Research, Key Wealth 02:18 – Retail sales, employment report, inflation (CPI), and what they indicate about consumer strength and economic momentum. 05:17 – A macro interpretation and outlook, including recession expectations, labor market trends, housing’s role in inflation, and potential future Fed actions. 08:29 – We look at this week’s bond market reaction, shifts in rate cut expectations, Treasury yields, safe‑haven flows, and credit market sector performance. 13:00 – We break down the equity market dynamics, rising volatility, sector rotation, AI-driven disruptions, and the shift toward “HALO” (hard assets, low obsolescence) stocks. 16:15 – Sean Poe delivers a thorough overview of the state of the IPO market, why the IPO window closed in recent years, early signs of reopening, and the role of AI-driven capital needs. He also touches on implications for investors, including considerations around accessing IPOs, the role of private markets, and the importance of portfolio construction and advisor guidance. Additional Resources Read: Key Questions: Investing Before Lift‑Off – What Should Investors Know About Private Markets and the Next IPO Cycle? Key Questions Subscribe to our Key Wealth Insights newsletter Weekly Investment Brief Follow us on LinkedIn

Jobs Cool, Chips Rule and Positioning While the Dollar Drifts

2026/02/06

Markets absorbed a brief U.S. government shutdown, ongoing fourth‑quarter earnings, and fresh readings from the Institute for Supply Management: Services stayed in expansion while Manufacturing showed a tentative uptick. While the Bureau of Labor Statistics’ payroll report was delayed, other labor signals softened—job openings slipped to 6.5 million, weekly claims rose to 231,000, and the ADP private payrolls tally was only 22,000. Equity leadership shifted as AI pressure hit software stocks while investors favored tangible, cash‑flowing businesses and added non‑U.S. exposure. Credit stayed orderly—investment‑grade spreads widened slightly and high‑yield widened a bit more—while the riskiest tier gained a little over 1% year‑to‑date. Treasury yields eased; the European Central Bank and Bank of England held policy rates steady. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 00:01:35 — Week setup: shutdown ends, Q4 earnings, Services up, Manufacturing perks up. 00:03:10 — Jobs picture softens; big payrolls report pushed to next week; thoughts on the U.S. Dollar. 00:08:36 — AI tool sparks global software selloff; chips seen as enablers. 00:15:29 — Credit mostly calm; risk appetite cools a bit this week. 00:21:07 — Super Bowl picks and quick Ohio note to close. Additional Resources Read: Key Questions: Who Is Kevin Warsh and What Does His Appointment Mean for the Fed's Next Chapter? Read: Comprehensive Key Numbers Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

Fed Holds Rates Steady; New Fed Chair is Announced

2026/01/30

The Fed stayed put, inflation hasn’t cooled enough, and investors are penciling in the next rate cut at mid‑year. A light data slate backed that view—jobless claims remained low, productivity stayed strong, and producer prices firmed. The FOMC held rates at 3.50%–3.75% with two dissents for a 0.25% cut, keeping the focus on data while markets handicap a shallow easing path. Kevin Warsh’s nomination adds policy‑risk questions and could mean more debate inside the Committee. Equity breadth is improving as mega‑cap results diverge on AI spending, arguing for neutral risk with a quality tilt. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy Cynthia Honcharenko, Director of Fixed Income Portfolio Management George Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 00:01:35 — Week‑in‑review: jobs steady, productivity strong, prices a bit firmer 00:03:05 — Re-cap of this week’s FOMC Meeting 00:05:19 — New Fed chair nominee Kevin Warsh; implications for policy independence and risk 00:09:58 — Market prices a mid‑year cut; curve steepens as front‑end yields slip 00:13:04 — Mega‑cap earnings mixed; AI capex divergence; breadth improving 00:21:08 — Disclosures and methodology; firm and product notices Additional Resources Read: 2026 Outlook: Managing Wealth in an Age of Massive Disruption and Profound Change Read: Key Questions: Why Have Bond Yields Remained High Even as the Fed Has Cut Rates? Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

From Greenland to the Grid: What’s Moving Markets This Week

2026/01/26

A steady, broadening market week: breadth improved beyond the mega‑caps, volatility’s blip faded, and PCE inflation continues to run at a pace consistent with the Fed’s target while stale data keeps focus on next week’s FOMC meeting. We also discuss the bond markets, Fed independence and the next Fed Chair. We wrap with a quick policy roundtable—credit‑card APR caps, potential GSE MBS buying, and housing supply signals—and what it could mean for portfolios. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 00:02:06 — This week’s macro: initial unemployment claims steady; 3Q25 GDP revised up to 4.4%; PCE inflation trend; FOMC ahead. 00:07:37 — Breadth & sector rotation; healthcare strength vs. tech consolidation; index context near the 50‑day. 00:16:28 — Policy roundtable kicks off: proposed 10% credit‑card APR cap—bank and $70B card ABS implications. 00:20:03 — GSE MBS buying discussion: potential mortgage‑rate effects and signaling on growth/deregulation. 00:24:29 — Wrap up & disclosures; where to follow up with your advisor. Additional Resources Read: Key Questions: What Are the Top Changes to Social Security in 2026? | Key Wealth Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

The Fed, the Grid, and the Consumer: What’s Powering 2026 So Far?

2026/01/16

A steady but complicated start to 2026: inflation isn’t flaring, retail spending held up, and the Beige Book nudged higher while jobless claims stayed low. With a January interest rate cut likely off the table, markets are eyeing mid‑year moves, as the Fed navigates political noise and confidence in credit remains high—even as spreads sit near cycle tights. We dig into what that mix means for positioning right now, then tackle the power story—AI‑driven demand, a pricier generation mix, and grid bottlenecks—why electricity costs likely stay elevated and how it can ripple through portfolios. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed Income Michael Bove, Senior Equity Research Analyst 01:34 – CPI inflation steady, retail sales rebound, Beige Book edges higher, and jobless claims stay historically low. 05:13 – Inflation’s “catch up” effects, a K shaped consumer, and why headline labor reads can look stronger than they feel. 08:14 – No January rate cut; markets lean toward two cuts starting mid-year as political noise clouds the Fed backdrop. 11:21 – Credit spreads at/near tights: confidence vs. complacency and how a single default could ripple through high yield. 14:16 – Electricity prices rise amid AI driven demand, a costlier generation mix, and multiyear interconnection backlogs—no short-term fix. 17:10 – Closing notes, MLK Jr. Day reminder, and where to find ongoing insights and guidance. Additional Resources Read: Key Questions: What Do Investors and Consumers Need to Know About Rapidly Rising Electricity Prices? Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

A Crude Awakening: Venezuela, Energy, and Investor Signals

2026/01/12

Happy New Year! In the first episode of 2026, we catch up on what we missed during the holiday break, and dig into the latest market and economic developments in the beginning of the year, including the Federal Reserve’s recent rate cuts, updated projections for GDP and inflation, and the impact of the government shutdown on economic data releases. The conversation covers labor market trends, productivity gains, and a notable geopolitical event in Venezuela, analyzing its implications for oil markets and global economics. We also explore expectations for future Fed actions, the evolving landscape of mortgage policy, and the importance of diversification in investment portfolios, offering listeners a clear and timely perspective on what to watch for in the year ahead. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 01:41 – Recap of the Federal Reserve’s recent rate cuts, projections for 2026, and analysis of GDP growth, inflation trends, and labor market data following the government shutdown. 06:46 – Insights on the Venezuela situation, its effect on oil markets, and broader geopolitical implications for investors. 12:14 – Inflation trends, consumer behavior, and Fed rate cut expectations for 2026 15:56 – Analysis of government intervention in mortgage markets, treasury yields, and implications for fixed income investors. 17:38 – Our thoughts on portfolio management, diversification strategies, predictions for recession odds, earnings, AI trends, and closing thoughts for investors. Additional Resources Read: Key Questions: What Will Be the Economic Impact of the Political Events in Venezuela? Rewatch: Key Wealth National Call: Managing Wealth in an Age of Disruption and Change Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

Fed Fractures & Holiday Futures: The 2025 Market Wrap

2025/12/12

In this week's episode, our experts discuss recent market activity, economic data delays due to the recent government shutdown, and the Federal Reserve’s latest rate cut. The Fed’s decision was marked by rare dissent, reflecting uncertainty about inflation and future policy direction, with only one rate cut projected for 2026. We analyze the implications for credit markets, the US dollar, and the evolving role of artificial intelligence in corporate strategy, noting shifts in tech stock performance and the importance of distinguishing winners and losers in the AI space. The conversation also draws parallels to past market bubbles, emphasizing the value of diversification and caution as the year ends. Be sure to review our 2026 Outlook: Managing Wealth in an Age of Massive Disruption and Profound Change to see what key themes we believe will most impact the economy in 2026. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy Cynthia Honcharenko, Director of Fixed Income Portfolio Management George Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 01:27 - Recent market activity is discussed, including delays in economic data due to a government shutdown, updates on unemployment claims, and the job openings report. 03:26 - Cindy Honcharenko summarizes the Fed’s decision to lower rates for the third time in 2025, the rare split vote among Committee members, and implications for inflation and the labor market. 08:10 - The panel analyzes the Fed’s outlook, credit spreads, risk appetite, and the importance of understanding why the Fed is cutting rates. 13:29 - Discussion in recent trends in the US dollar, commodity prices, and the impact on corporate America. 15:45 - The panel covers the impact of AI on stock performance, recent news from Oracle and Broadcom, and the evolving tech landscape. Additional Resources Read: 2026 Outlook: Managing Wealth in an Age of Massive Disruption and Profound Change Rewatch: Key Wealth National Call: Managing Wealth in an Age of Disruption and Change Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn