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In this episode, Piper Sandler Senior Analyst Crispin Love, discusses the current trends, misconceptions, and outlook in the mortgage finance space. He explains how mortgage rates have fluctuated from 7% to 6% recently and the impact on mortgage originations and refinancing volumes. Crispin highlights the significance of the rate of change in mortgage rates over their absolute levels and examines the factors influencing purchase and refinance activity. The conversation covers key data sources such as Fannie Mae and the Mortgage Bankers Association for tracking mortgage activity. Further, Crispin delves into how companies have adapted to lower profit margins in a challenging environment and the advancements in AI tools being used. The discussion also touches on home equity loans (HELOCs) and closed-end seconds and how they have become more popular as people remain locked into their homes. The episode concludes with insights into the political backdrop, including recent policies from the Trump administration aimed at stimulating housing activity and addressing affordability, and Crispin’s outlook on the industry for 2026, along with some of his favorite stock picks. For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

In this episode we talk with Jan Stuart, Global Energy Economist at Piper Sandler. We discuss the current state of the oil market, the potential tailwinds from economic growth, and how a shift in demand could impact the energy space by 2026. Jan highlights the importance of oil for the economy, predicting that demand won't decline significantly until the next decade. The episode delves into the geopolitical risks that could impact oil supply, including situations in Venezuela, Russia, and Iran. Jan also talks about the strategic petroleum reserve (SPR) and its role in stabilizing oil prices. We wrap up by discussing where investors are currently allocating their funds in the energy sector and the growing interest in American and Canadian oil companies, integrated oil companies, and refiners.

In this episode, Michael discusses the team’s annual market outlook for 2026. The conversation explores key economic trends, policy developments, and the potential for broader market participation. Topics include the implications of Trump’s affordability measures, the impact of interest rates and oil prices, and specific investment opportunities for the year ahead. Michael shares a bullish view on cyclical sectors such as transportation, manufacturing, and housing-related industries, while also highlighting risks tied to economic overheating and rising interest rates. For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

This week, we’re doing something a little different. Instead of a traditional guest conversation, we fed our full 2025 Year-End Market Review into Google’s NotebookLM and asked it to generate a five-minute discussion summarizing the year in markets. The result is an AI-generated conversation that distills a year’s worth of research, charts, and frameworks into a concise narrative — highlighting what actually drove markets in 2025, where consensus got it right, where it didn’t, and what themes may matter most going forward. This episode is an experiment at the intersection of markets, research, and artificial intelligence — using AI not for prediction, but for synthesis and storytelling. Topics include: The dominant macro and market themes of 2025Growth, inflation, and the evolving policy backdropEarnings, margins, and what truly drove equity returnsHow AI interprets a full year of market researchWhat may — and may not — matter for markets in 2026Think of this episode as a five-minute AI-generated debrief on the year that was — and a new way to consume market research. About the Podcast What’s Next for Markets? explores the key macro, market, and policy forces shaping the investment landscape — featuring conversations with leading strategists, investors, and policymakers, along with occasional experiments like this one.

In this discussion, we are joined by Jordy Visser to delve into how exponential innovation, particularly artificial intelligence (AI), is reshaping traditional business cycles. The conversation covers the potential of AI to drive earnings, enhance productivity, and impact labor markets, suggesting that the forthcoming PMI cycle could be one of the most significant in decades. We explore why AI isn't merely a bubble and its role in the evolving market dynamics. Additionally, the discussion touches on the societal impact of AI, its potential to reduce costs in various sectors, and the broad economic implications of these technological shifts. The episode concludes with a speculative outlook on market volatility, potential hedge fund disruptions, and the long-term societal adjustments required to navigate this AI-driven future. For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

In this episode, Emily Needell sits down with Amy McAneny, partner and private equity tax leader at PWC, to discuss the One Big Beautiful Bill (OBBB) and its implications for individual and institutional investors. Amy explains critical changes such as the permanent 37% top individual tax rate, increased standard deductions, and enhanced depreciation deductions for US-based companies. The episode also explores how these tax updates impact U.S. businesses, potential benefits for retail investors, and the international tax landscape. Amy emphasizes that while there are numerous tweaks and improvements, the bill is largely positive for investment growth and economic stability. For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

In this episode, we’re joined by Danny Kirsch, Head of Options Strategy and the Trading Team at Piper Sandler. We recap the year’s market activity, discuss notable trading strategies, and look ahead to year-end and early-2025 positioning. Topics include key market catalysts, a standout options trade involving retail and the financial sector as optimistic bets for next year, and the potential impact of Fed rate cuts. We also cover shifting sentiment around AI and big tech, the influence of upcoming tax refunds, and how ongoing tariff-related court cases could shape the market. Danny also breaks down his approach to trading around holiday periods and explains how volatility and delta decay can contribute to end-of-year rallies. For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

In this episode, we discuss the market outlook and the economic cycle through Michael’s HOPE framework. We outline the four pillars—Housing, Orders, Profits, and Employment—and examine current themes, including an “E-shaped” economy. The conversation explores leading indicators that may signal improvement in 2026, trends in the housing market, and the broader impact of employment dynamics on growth. Michael remains optimistic about a gradual economic recovery and a steady improvement across key sectors in the coming years. For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

In this episode, we recap our recent travels across Europe and the U.S., highlighting what we heard from clients and how market sentiment is shifting on both sides of the Atlantic. We break down the evolving investor outlook—especially growing concerns around interest rates, wage pressures, and unemployment trends. We also explore Bitcoin’s position as a high-beta asset increasingly tied to broader risk sentiment, and assess how a potential Fed rate cut in December could shape market dynamics. Finally, we discuss why mortgage applications and housing data remain critical indicators for gauging the economic backdrop as we look ahead to 2026. For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

In this episode, we talk with Emily Needell Deputy Chief Investment Strategist at Piper Sandler, to discuss the dominance of 'The Mag Seven’. We delve into the unprecedented returns of these companies, over the past decade. The conversation covers the implications of these outsized returns on the market dynamics, the distortion they create, and the shifting definitions of what it means to outperform the market. They also explore the impact of passive funds on these mega-cap stocks and debate the potential for improved market breadth in the future. The discussion wraps up with insights into what better breadth means for diverse market segments without necessarily signaling a decline for the Mag Seven. For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

In this episode of What’s Next for Markets?, Michael Kantrowitz sits down with Craig Johnson, Chief Market Technician at Piper Sandler, to break down the latest trends driving equity markets. From the technical setup across major indices to the underlying sector leadership and sentiment shifts, Craig shares how his charts are framing the next phase of this market cycle. Together, they explore where investors might find opportunity — and what signals could mark the next big turn.

In this week's podcast episode, we dive into the nuances of missing government data with Piper Sandler Economist Jake Oubina. He highlights the reliability of alternative data sources like the Adobe Digital Price Index and various private surveys. We discuss the accuracy concerns surrounding Non-Farm Payroll (NFP) reports and how private data could steer better insights. Additionally, we focus on recent inflation trends, particularly the impact of tariffs on margins, and delve into the data from the latest CPI report. The conversation also extends to labor market conditions, consumer sentiment, and the potential influence of AI and energy costs on the economy. Looking ahead, Jake provides a bullish yet cautious economic and market outlook for the next 6-12 months, examining potential scenarios influenced by fiscal policies and CapEx trends. For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

In this episode we speak with Danny Kirsch, head of Piper Sandler's Options trading desk, about the recent market volatility and its implications. The discussion covers the spike in VIX and its impact on options trading, the state of regional banks following their earnings, and the effects of potential US-China trade agreements. Danny also provides insights into the differences between current market dynamics and those of the late 1990s, the influence of seasonality on market performance, and expectations about upcoming economic data releases. Throughout the conversation, Danny emphasizes the importance of understanding whether market risks are idiosyncratic or systemic. For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

In this episode, Don Schneider provides a comprehensive update on the recent government shutdown developments and their potential duration. We delve into the political strategies of both parties, highlighting Schumer's decision and Trump's management tactics, which are softening the shutdown's impact. Don also explains the implications of the shutdown on data reporting and how it affects investors. Furthermore, we explore the recent news on Trump's threats to raise China tariffs and the administration's stance on rare earth exports. Lastly, Don offers insights into the upcoming tax refund season in 2026, detailing the expected impact of new tax cuts and how it could influence consumer spending and economic data. This episode is packed with crucial information for investors and policy watchers alike. For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

This week on What’s Next for Markets I’m sharing a short excerpt from my hour-long conversation with Adam Taggart (Thoughtful Money). We discuss why the current backdrop looks like a post-inflation-shock “Goldilocks” environment, why earnings breadth appears to be healing, and what a broader leadership profile could mean for small caps, cyclicals, housing, and manufacturing. Decide for yourself—does a slower, steadier expansion favor active over passive? To watch the full discussion with Adam, go to https://youtu.be/SMtZxM94QII?si=AHP0hWaFkNdi5Wol