Advertise on podcast: Facts vs Feelings with Ryan Detrick & Sonu Varghese

Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP and Global Macro Strategist at Carson Group, went live for the very first Facts Vs Feelings: Social Hour livestream on Friday, 1/30. They kicked things off with special guest Brian Belski for a relaxed, wide-ranging conversation that blended big-picture macro, markets, and a bit of fun along the way. Jump to: 0:00 - Live Stream Kickoff And Banter 3:45 - Belski’s Background And Career Arc 12:30 - Founding Humilus And Investing Philosophy 20:10 - Gold’s Selloff, Fed Debates, And Inflation 31:00 - Secular Bull Market Case And History 40:05 - Travel Detour And Airport Talk 45:10 - Earnings Versus Multiples And Tech Leadership 53:00 - Financials, Mid Caps, And Small Cap Opportunity 1:00:00 Advisors, Building A Firm, And Contrarian Mindset Connect with Ryan: • LinkedIn: https://www.linkedin.com/in/ryandetrick/ • X: https://x.com/RyanDetrick Connect with Sonu: • LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/ • X: https://x.com/sonusvarghese?lang=en Questions about the show? We’d love to hear from you! [email protected]

After a quiet data week and a loud political signal, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist at Carson Group, dig into what a potential Fed leadership shakeup could mean for rates, markets, and investor expectations. With Kevin Warsh emerging as the likely next Fed chair, the discussion cuts past headlines to examine his long history at the Fed, his shifting stance on inflation and rate cuts, and why markets may be less willing to take his guidance at face value.  It’s been one of the most volatile stretches for metals in decades, as gold and silver experience sharp pullbacks after a historic run. Ryan and Sonu break down why positioning and sentiment mattered more than headlines, and along the way, they connect the dots between capital-intensive tech investment, the emerging commodity supercycle, and why earnings strength continues to underpin equities despite leadership rotation and policy noise. Key Takeaways: Fed leadership uncertainty adds friction, not clarity: Kevin Warsh’s record reveals a pattern of convenient pivots that may limit his influence over a skeptical committee Rate cuts face structural resistance: Markets are pricing fewer long-term cuts as capital investment and nominal growth keep upward pressure on rates Metals volatility was about positioning, not fundamentals: Extreme bullish sentiment set the stage for sharp pullbacks despite intact long-term trends Gold and silver require sizing, not timing: Volatility, correlations, and rebalancing matter more than chasing short-term price moves Earnings continue to justify the bull market: Strong margins, industrial strength, and resilient consumer spending support risk assets even as leadership rotatesJump to: 0:00 - Setting The Stage: No Jobs Data 1:06 - Who Is Kevin Warsh 4:30 - Warsh’s Crisis-Era Record 9:10 - Politics, Hawks, And Rate-Cut Reality 14:20 - Balance Sheet Beliefs Challenged 19:45 - Gold And Silver’s Wild Swing 25:40 - How To Own Metals Wisely 31:10 - From Software To Capex Supercycle 36:50 - Productivity, Labor, And Rates 41:30 - Fun Signals: Super Bowl And January 46:05 - Earnings, Margins, And Momentum Connect with Ryan: • LinkedIn: https://www.linkedin.com/in/ryandetrick/ • X: https://x.com/RyanDetrick Connect with Sonu: • LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/ • X: https://x.com/sonusvarghese?lang=en Questions about the show? We’d love to hear from you! [email protected]

After a powerful run in metals, renewed inflation pressure, and a shifting Federal Reserve backdrop, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist at Carson Group, step back to connect the dots between markets, policy, and positioning. Fresh off being named one of the Top 23 podcasts for financial advisors for the second year in a row, the conversation moves fluidly from gold’s breakout and the return of the debasement trade to the growing uncertainty around the next Fed chair and what it means for rates, inflation, and risk assets. They explore why commodities are flashing signals that don’t align with disinflation narratives, how productivity optimism collides with fiscal reality, and why global earnings strength continues to support equities even as leadership rotates. Along the way, they unpack the implications of a potential government shutdown, policy-driven margin pressure across sectors, and why markets tend to move past the headline faster than most expect. Key Takeaways:  • Gold’s message is getting louder: Rising commodity prices, fiscal deficits, and rate pressure are reinforcing the case for metals as portfolio protection  • The Fed chair race matters more than headlines: Rick Rieder’s emergence highlights the tension between productivity optimism and persistent inflation risks  • Inflation remains sticky under the surface: Core services and commodity strength challenge the idea of a smooth glide back to 2%  • Global earnings are doing the heavy lifting: Companies with international exposure continue to outpace domestically focused peers  • Policy noise doesn’t derail trends: Shutdown risks and political uncertainty create volatility, but fundamentals keep asserting themselves — Check the 23 Top Financial Advisor Podcasts To Listen To In 2026: https://kitc.es/4pWNyA9 Jump to: 0:00 Cold Open, Awards, And Snow Jokes 2:35 Gold And Silver Surge Explained 8:40 The Debasement Trade And Inflation 14:50 Global Central Banks Rotate To Gold 19:30 Japan, Yields, Yen, And Risk Assets 23:40 The Fed Chair Horse Race Heats Up 30:20 Productivity, The 1990s, And Why Today’s Different 38:20 Fed Path: Holds, Politics, And Gold Tailwinds 42:30 January Barometer, Tech Lags, And Breadth 48:40 Equal-Weight Tech, Financials, And Policy Risk 53:40 Earnings Setup: Mega-Cap vs The 493 Connect with Ryan: • LinkedIn: https://www.linkedin.com/in/ryandetrick/ • X: https://x.com/RyanDetrick Connect with Sonu: • LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/ • X: https://x.com/sonusvarghese?lang=en Questions about the show? We’d love to hear from you! [email protected]

After a long stretch of calm markets and steadily improving breadth, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist at Carson Group, confront a sudden return of volatility driven by geopolitics, tariffs, and rising bond yields. They walk through why renewed trade threats tied to Greenland are unsettling markets, how bond yields are once again asserting their influence over policy and risk assets, and why metals are responding more decisively than equities. Along the way, they assess the durability of the bull market by digging into household balance sheets, leverage, labor dynamics, and the expanding leadership beyond mega-cap tech. The discussion ultimately circles back to a familiar theme: markets may react sharply to headlines, but fundamentals, earnings power, and financial resilience continue to shape the bigger picture. Key Takeaways: Tariffs and geopolitics are back in focus: Trade threats tied to Greenland and Europe are reviving volatility, even as markets wait for legal and policy clarityBond yields are driving the response: Rising global yields are limiting diversification benefits and increasing pressure on policy credibilityMetals are acting as a release valve: Strength in gold, silver, and industrial metals reflects policy uncertainty and global demandHousehold balance sheets remain resilient: Lower leverage and elevated net worth are helping sustain spending and growthMarket leadership continues to broaden: Small caps, mid caps, and cyclicals are reinforcing the underlying strength of the bull market Jump to: 0:00 — Cold Open And Safety Scare 3:00 — Setting The Stage: Worst Market Day 5:30 — Greenland Tariffs And Policy Chess 11:30 — Supreme Court Tariff Wildcard 15:30 — Yields Spike And Safe Havens Pop 20:00 — Tech Under Pressure, Small Caps Hold 25:30 — Market Breadth And AI Expectations 31:00 — K-Shaped Economy And Delta’s Split Cabin 36:00 — Household Balance Sheets And Leverage 44:00 — Asset Drivers: Housing And Stocks 50:00 — Bear-Market Risk And Feedback Loops Connect with Ryan: • LinkedIn: https://www.linkedin.com/in/ryandetrick/ • X: https://x.com/RyanDetrick Connect with Sonu: • LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/ • X: https://x.com/sonusvarghese?lang=en Questions about the show? We’d love to hear from you! [email protected]

After a strong start to the year and renewed highs across global markets, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist at Carson Group, step into the growing tension between Washington and the Federal Reserve, and what it could mean for markets, confidence, and policy credibility. They react to Jamie Dimon’s latest comments on economic resilience, unpack the unusual legal pressure facing Fed Chair Jerome Powell, and explain why markets appear far more focused on earnings and growth than political noise. Key Takeaways: Markets are prioritizing fundamentals: Earnings growth, productivity gains, and consumer resilience are outweighing the political headlines Fed independence is being tested: The legal and political pressure on the Fed raises long-term questions, but the markets remain focused on outcomes, not noise Metals are sending a signal: The strength in gold, silver, and industrial metals reflects both global demand and policy uncertainty Labor markets are cooling, not breaking: Hiring is slower, but the layoffs remain low and prime-age employment stays historically strong Breadth continues to improve: The leadership is expanding beyond mega-cap tech, reinforcing the durability of the current bull marketJump to: 0:00 — Economic Resilience, Consumers, And Bank Signals 6:00 — Powell, Politics, And Central Bank Independence 12:15 — Gold, Metals, And Washington Crosscurrents 19:00 — Credit Cards, Housing Policy, And Affordability Risks 28:20 — Market Breadth, Diversification, And January Signals 31:10 — Labor Market Cooling, Youth Hiring, And Revisions 41:00 — Productivity, Margins, And Revenue Per Worker Connect with Ryan: • LinkedIn: https://www.linkedin.com/in/ryandetrick/ • X: https://x.com/RyanDetrick Connect with Sonu: • LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/ • X: https://x.com/sonusvarghese?lang=en Questions about the show? We’d love to hear from you! [email protected]

After a volatile first half and another year of strong headline returns, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist at Carson Group, step back to assess what actually shaped markets in 2025 and what that foundation means heading into 2026. They revisit why early-year turbulence caught so many investors off guard, how companies navigated tariffs and margin pressure more effectively than expected, and why earnings growth remained the quiet backbone of the rally. The conversation then turns forward, covering their 2026 outlook for stocks and bonds, the role of AI-driven capital spending, global market leadership, and why sentiment continues to lag reality even as breadth improves. Along the way, they discuss inflation stickiness, labor market crosscurrents, policy tailwinds, and where diversification still matters most as the cycle matures. Key Takeaways:  • Earnings did the heavy lifting: Profit growth and margin resilience, not valuation expansion, powered market gains  • Volatility followed the script: Early-year drawdowns fit historical patterns despite widespread surprise  • Global leadership expanded: International markets and cyclicals outpaced expectations as breadth improved  • AI spending surged: Capital expenditures accelerated across major tech platforms, reinforcing long-term growth trends  • 2026 outlook remains constructive: Above-average equity returns and modest bond gains hinge on steady growth without recession Jump to: 0:00 — Setting The Stage For 2025 1:48 — Tariffs, Liberation Day, And Market Bottom 4:30 — Sentiment, Concentration Myths, And Breadth 9:45 — Speculation Falls, AI Leaders Repriced 14:45 — Small Caps, Transports, And Rate Cuts 22:30 — IPO Drought, Private Markets, And Valuations 27:20 — Media Moments, Gold, And Diversifiers 32:20 — Fed Cuts, Dots, And Labor Revisions 40:10 — 2026 Playbook: Mid Caps, Financials, Healthcare 46:30 — Global Vs. U.S., EM Tilt, And Policy Connect with Ryan: • LinkedIn: https://www.linkedin.com/in/ryandetrick/ • X: https://x.com/RyanDetrick Connect with Sonu: • LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/ • X: https://x.com/sonusvarghese?lang=en Questions about the show? We’d love to hear from you! [email protected]

Ryan Detrick, Chief Market Strategist at Carson Group, flies solo for this new episode of Facts vs Feelings, joined by longtime chart-watchers Chris Kimble, former CEO of Kimble Charting Solutions, and Scott Brown, Founder of Brown Technical Insights, for a wide-ranging conversation on what the market is signaling as 2025 comes to a close. They dig into market breadth, sector leadership, financials, commodities, and metals that have gone nowhere for over a decade, along with gold’s role, sentiment disconnects, and why certain “boring” areas may be setting up for something much bigger. The discussion blends technical analysis, long-term market history, portfolio construction, and the psychological side of investing, offering context for what could matter most heading into 2026. Chris and Scott are not affiliated with CWM, LLC. Opinions expressed by these individuals may not be representative of CWM, LLC. Jump to: 0:00 — Opening and guest introductions 1:41 — Market surprises and leadership shifts 6:05 — Financials, tech, and market breadth 12:10 — Gold, metals, and long-term breakouts 18:40 — Sentiment, seasonality, and market signals 26:10 — China, Fibonacci levels, and global setup 34:20 — Research, portfolio construction, and the 2026 outlook Connect with Ryan: • LinkedIn: https://www.linkedin.com/in/ryandetrick/ • X: https://x.com/RyanDetrick Connect with Scott: • LinkedIn: https://www.linkedin.com/in/scott-brown-cmt-22b62891/ • X: https://x.com/scottcharts?lang=en Connect with Chris: • LinkedIn: https://www.linkedin.com/in/chris-kimble-708b4681/ • X: https://x.com/KimbleCharting Questions about the show? We’d love to hear from you! [email protected]

2025 kept investors off balance, and Sonu Varghese, VP, Global Macro Strategist, and Ryan Detrick, Chief Market Strategist at Carson Group turned to Art Hogan, Chief Market Strategist at B. Riley Wealth Management, to make sense of what actually drove the year. They dig into the gap between perception and reality on market breadth, why speculative pockets unraveled even as leadership widened, and how steady rate cuts, shifting Fed signals, and a softer labor backdrop shaped sentiment. Art also brings decades of perspective on small caps, mid caps, financials, healthcare, and the global forces that may matter most as investors position for 2026. Art Hogan, nor B. Riley Wealth Management, are affiliated with CWM, LLC. Key Takeaways: • Market leadership broadened: More sectors and stocks contributed to gains than investors realized • Speculative areas reset: High-risk themes sold off sharply despite broader market strength • Fed signals stayed mixed: Cuts continued while disagreements inside the committee grew • Labor data softened: Slower hiring and revisions added pressure beneath the surface • Cyclicals built momentum: Financials, healthcare, industrials, and global markets carried meaningful strength Jump to: 0:00 — Setting the Stage for 2025 5:20 — Breadth, Sentiment, and Concentration Fears 9:30 — Speculative Shakeout and AI Valuations 13:45 — Pullbacks, Psychology, and Market Stats 17:15 — The Everything Rally in Context 20:40 — Small Caps, Transports, and Quality Leadership 34:30 — Fed Cuts, Labor Signals, and the 2026 Outlook Connect with Art • LinkedIn: https://www.linkedin.com/in/arthogan/ • X: https://x.com/ArthurHoganIII Connect with Ryan: • LinkedIn: https://www.linkedin.com/in/ryandetrick/ • X: https://x.com/RyanDetrick Connect with Sonu: • LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/ • X: https://x.com/sonusvarghese?lang=en Questions about the show? We’d love to hear from you! [email protected]

A rare split is opening inside the Federal Reserve. Sonu Varghese, VP, Global Macro Strategist, and Ryan Detrick, Chief Market Strategist at Carson Wealth, dig into what that tension really means as growth projections move higher and rate cuts keep coming. They break down the widening gap between market expectations and the Fed’s own outlook, the mixed signals coming from the latest dot plot, and what dissenting votes reveal about how policymakers are reading inflation and a softening labor market. At the same time, they look to the areas gaining strength, including cyclicals, global markets, commodities and the latest AI rotation, to understand how a divided Fed is shaping positioning as investors look ahead to 2026. Key Takeaways: • The Fed is diverging internally: The dot plots and dissents show widening disagreement on how aggressively to cut • Markets are pricing a different path: Traders expect more easing than the Fed, especially beyond 2026 • Growth projections are rising: The Fed now sees stronger 2025–2026 GDP despite ongoing cuts • Labor-market signals are weakening: Falling quits and slowing hiring increase pressure on policymakers • Cyclical strength continues: Industrials, materials, and developed international markets are pushing the rally forward Jump to: 0:00 - Cold Open, Holidays, And Setup 2:45 - AI Leadership Rotates And Market Breadth 8:50 - Cyclicals Lead, Global Rally Builds 14:40 - Europe, Developed Markets, And Industrials 20:55 - IPOs, Sentiment, And Bull Market Signals 27:00 - The Fed Cuts: Dots, Dissent, And Markets 35:20 -Neutral Rate, Long-Run Inflation, And 2026 41:50 - Press Conference Takeaways And Labor Risks 48:10 - Gold Breakout And Commodities Pulse 53:30 - Labor Market: JOLTS, Quits, And Wages Connect with Ryan: • LinkedIn: https://www.linkedin.com/in/ryandetrick/ • X: https://x.com/RyanDetrick Connect with Sonu: • LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/ • X: https://x.com/sonusvarghese?lang=en Questions about the show? We’d love to hear from you! [email protected]

In this week’s episode of Facts vs Feelings, Ryan Detrick and Sonu Varghese dig into the market’s latest shift toward a potential economic reacceleration, looking at rising global yields, what the renewed steepening of the yield curve may signal, and how broadening market leadership is shaping their outlook. They go through the rebound in tech, the breakout in commodities, stubborn inflation pressures, and the mixed but still-stable labor market. With the Fed’s next move approaching, Ryan and Sonu discuss what policymakers may be forced to confront as growth picks up and investors try to position through the final weeks of the year. Key Takeaways: • Global yields are climbing: The move appears driven more by improving growth expectations than by renewed inflation fears. • The yield curve is steepening: Long-term rates are rising faster than short-term ones, signaling firmer economic momentum. • Market leadership is broadening: Tech is rebounding while financials, industrials, and small caps are showing notable strength. • Commodities are breaking out: A wide range of materials is moving higher, hinting at early reflation even without oil participating. • Inflation is easing but still sticky: Price pressures remain above the Fed’s comfort zone as it prepares for additional rate cuts. Jump to: 0:00 – Reacceleration & Markets Setup 4:55 – Global Yields, Carry Trade & Yield Curve Shifts 9:13 – Bear vs Bull Steepener Explained 16:40 – Tech’s Streak, Market Breadth & Sector Rotation 24:00 – Commodities Breakout & Late-Cycle Signals 32:20 – Inflation pressures: PCE, Services & Risks 38:30 – Fed Cuts, Labor Market Trends & Income Strength Connect with Ryan: • LinkedIn: Ryan Detrick • X: @RyanDetrick Connect with Sonu: • LinkedIn: Sonu Varghese • X: @SonuVarghese Questions about the show? We’d love to hear from you! [email protected]

In the latest episode of Facts vs Feelings, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist, dive into the sharp late-November market swings, why December historically favors gains, and how shifting Fed expectations have driven sentiment. They break down sector rotation, the surprising divergence between crypto and junk tech, the return of market breadth, and the growing possibility of reflationary growth into 2026. The conversation also covers rising unemployment data, an increasingly divided Fed, and how the accelerating AI investment race may continue fueling key parts of the market. Key Takeaways Market Breadth Expansion: The advance-decline line hitting new highs shows the rally is widening beyond just mega-cap tech.Sector Rotation Strength: Technology lagged in November while healthcare, materials, staples, and financials helped offset the pullback—validating diversified positioning.Fed Rate-Cut Expectations Whipsawed: Odds of a December cut plunged below 30% before surging back above 80% due to rising unemployment, dovish Fed commentary, and Beige Book labor softness.Reflationary Growth View for 2026: Strong global commodities, resilient demand, and expected Fed easing support the case for reflation rather than recession.Crypto Decouples from Junk Tech: Bitcoin fell sharply while non-profitable tech surged, breaking a correlation that typically signals risk-on/off behavior.AI Spending Cycle Accelerates: Competition among AI leaders is driving massive capital spending—benefiting chipmakers, data centers, and related sectors.Connect with Ryan: • LinkedIn: Ryan Detrick • X: @ryandetrick Connect with Sonu: • LinkedIn: Sonu Varghese • X: @sonusvarghese Questions about the show? We’d love to hear from you! [email protected] Hashtags #FactsVsFeelings #CarsonGroup #MarketOutlook #FedPolicy #Reflation #InvestmentStrategy #Macroeconomics #FinancialMarkets #YearEndRally

In the latest episode of Facts vs Feelings, hosts Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist, sit down with Jurrien Timmer, Fidelity's Director of Global Macro, to break down the current cyclical and secular bull markets, how AI compares to past transformative periods, what rising rates have meant for valuations, and why international equities are becoming more attractive. They also touch on the role of gold and Bitcoin, how to think about barbell strategies, and what history teaches about market narratives.  Key Takeaways Market Setup: Today’s environment features a cyclical bull market on top of a long-running secular bull market, similar to past periods like 1994 and the late 1990s.Interest Rates & Valuations: The 2022 market drop came largely from PE compression as rates jumped from near zero to 5%, while earnings actually grew.Historical Parallels: Timmer highlights similarities between today and both the late 1960s (loose fiscal policy, sticky inflation) and late 1990s (tech-driven excitement).Barbell Approach: A mix of mega-cap leaders and undervalued international equities may help manage concentration risk, especially as Europe and Japan boost payouts and trade at lower valuations.Gold & Bitcoin: Timmer views both as scarce, diversifying assets that hedge against periods when bonds may struggle, especially in potential fiscal-dominance environments.Small Caps vs. Large Caps: Small caps show mixed performance due to both traditional domestic exposure and speculative, unprofitable tech tied to AI.Connect with Ryan: • LinkedIn: Ryan Detrick • X: @ryandetrick Connect with Sonu: • LinkedIn: Sonu Varghese • X: @sonusvarghese Connect with Jurrien Timmer: • LinkedIn: Jurrien Timmer • X: @TimmerFidelity Questions about the show? We’d love to hear from you! [email protected] Disclosure: Jurrien Timmer is not affiliated with CWM, LLC. Opinions expressed by our guests may not be representative of CWM, LLC. Hashtags #FactsVsFeelings #MarketInsights #InvestingPodcast #MacroOutlook #GlobalMarkets #AssetAllocation #CarsonGroup

In the latest episode of Facts vs Feelings, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist, dig into the surge in market volatility and what they believe is truly behind it. They explore shifting rate-cut expectations from the Fed, how mixed economic data is shaping the outlook, and why recent remarks from Fed officials have rattled markets. Ryan and Sonu also break down the sharp risk-off moves in crypto, the resilience of sectors like healthcare and commodities, and more. Key Takeaways Fed Tone Shift: Fed officials struck a more cautious tone after their October meeting, sharply lowering expectations for a December rate cut and contributing to market weakness.Labor Data Uncertainty: With government shutdown-related data gaps, the Fed is flying partially blind, making upcoming payroll numbers pivotal in determining whether cuts resume.Crypto as Risk-Off Signal: Bitcoin and Ethereum have seen steep declines since last month, acting as a clear risk-off indicator and spilling into tech-adjacent equities.Sector Divergence: Healthcare (especially biotech), utilities, and value stocks have held up better during the pullback, while small-cap growth and speculative tech have lagged sharply.Commodities Showing Strength: Despite volatility, key commodities like copper, natural gas, silver, and jet fuel are meaningfully higher year-to-date—signs that global activity is holding up better than headlines suggest.Connect with Ryan: • LinkedIn: Ryan Detrick • X: @ryandetrick Connect with Sonu: • LinkedIn: Sonu Varghese • X: @sonusvarghese  Questions about the show? We’d love to hear from you! [email protected] Hashtags #FactsVsFeelings #MarketVolatility #FederalReserve #MacroPodcast #InvestingInsights #MarketOutlook #CarsonGroup

In the latest episode of Facts vs Feelings, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist, discuss how markets are responding to the government’s impending reopening, improving earnings, and shifting political dynamics. They unpack why consumer sentiment remains low despite strong market and economic data, explore the reality behind so-called “K-shaped” growth, and explain why they still see powerful tailwinds for investors heading into 2026. Key Takeaways Government Reopening & Market Optimism: Ryan and Sonu expect the government to fully reopen within a week, though they highlight that split power in Congress has often aligned with positive stock performance.Political Shifts & Gridlock Effect: Off-year elections showed strong results for Democrats, setting up a potential split Congress—an outcome that markets have rewarded in past cycles due to reduced legislative volatility.Consumer Sentiment vs. Market Reality: Confidence levels remain near historic lows even as inflation cools and the job market holds steady. The hosts argue that perception, not data, is fueling pessimism.Earnings Strength & Global Tailwinds: S&P 500 earnings growth surged from 7.9% to 13%, with companies generating more than half their revenue abroad leading the way—evidence that global demand continues to support U.S. markets.Debunking the “K-Shaped Economy” Narrative: Sonu breaks down why claims of widening inequality are overstated, emphasizing that spending patterns and income distribution remain consistent with long-term trends.Labor Market Stability: Despite attention-grabbing layoff headlines, jobless claims and hiring plans show a resilient labor market, reinforcing the broader theme of economic strength beneath the noise.Connect with Ryan: • LinkedIn: Ryan Detrick • X: @ryandetrick Connect with Sonu: • LinkedIn: Sonu Varghese • X: @sonusvarghese  Questions about the show? We’d love to hear from you! [email protected] Hashtags #FactsVsFeelings #MarketOutlook #InvestingInsights #EconomicUpdate #StockMarket #FinancialPlanning #CarsonGroup  

In the latest episode of Facts vs. Feelings, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist, discuss the powerful role of momentum in today’s markets and what investors should expect heading into year-end. They examine how the S&P 500’s impressive rally fits into historical context, why tech leadership remains dominant, and how market breadth and global participation are evolving. The conversation also explores the impact of Federal Reserve policy shifts, cooling trade tensions, and the surprising resilience of the U.S. economy. Key Takeaways Historic Market Strength: The S&P 500 has gained nearly 23% over the past six months, placing this move in the top 4% of all six-month returns. History shows that strong momentum often leads to continued upside in the following year.Tech-Driven Leadership: The recent rally has been powered largely by technology. The Magnificent Seven continue to dominate, with the S&P 500 Technology Index up 44% over six months. Global Momentum: It’s not just the U.S.—developed and emerging markets are rallying too. South Korea, Taiwan, and China are leading EM gains, while countries like South Africa, Mexico, and Japan also show strong performance.Economic Resilience: Despite talk of a “K-shaped” economy, U.S. GDP growth remains near 2%. Earnings are rising across sectors, with 80% of companies beating on both revenue and profits.Trade Tensions Easing: The U.S.–China trade war appears to be cooling, with both sides de-escalating tariffs and trade restrictions. China is resuming soybean purchases and suspending certain export controls, while the U.S. has paused new restrictions—reducing a major geopolitical headwind.Fed’s Delicate Balance: The Federal Reserve cut rates again, bringing total cuts to 150 basis points since the cycle’s peak. While inflation remains a concern for some members, Powell’s comments suggested a dovish tone, emphasizing that inflation pressures are manageable and economic momentum remains intact.Connect with Ryan: • LinkedIn: Ryan Detrick • X: @ryandetrick Connect with Sonu: • LinkedIn: Sonu Varghese • X: @sonusvarghese   Questions about the show? We’d love to hear from you! [email protected]   Hashtags #FactsVsFeelings #MarketMomentum #RyanDetrick #SonuVarghese #CarsonGroup #InvestingInsights #StockMarket #EconomicOutlook #FederalReserve #GlobalMarkets