What's Next For Markets

The third quarter is nearly in the books, and in this episode we take a look at what could drive markets through the final months of the year. With earnings expectations remaining strong, the focus is increasingly shifting toward market multiples and the forces behind them, particularly interest rates, oil prices and expectations for Fed policy. Michael explains why a market that has become mathematically cheaper isn't necessarily more attractively valued, and why the outlook for oil and rates could be the biggest swing factor for stocks into year-end. They also discuss the fading potential for further multiple expansion among the mega-cap AI names and why investors may want to increasingly focus on profitable companies with strong earnings momentum as the economy moves toward 2027.

For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

Interest rates have been one of the biggest market stories of 2026, but what is really driving them higher? Kurt Lewis of Piper Sandler joins the podcast to break down the outlook for the Fed, inflation, real rates and the term premium. We discuss why the 10-year Treasury may have a hard time returning to 4%, whether deficits are actually driving rates higher, how oil and supply shocks have changed the bond market, and why a higher neutral rate could mean a very different interest-rate environment going forward. We also discuss the Fed’s dot plot and whether it has become more trouble than it’s worth.

For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

Anna Andreeva joins us to break down what’s really happening beneath the surface of today’s consumer. While the consumer remains resilient, Anna describes them as increasingly “finicky” and selective, forcing brands to compete on innovation, differentiation and scarcity. We discuss the growing bifurcation in consumer spending, why experiences and beauty continue to outperform, which brands are successfully maintaining pricing power, and how tariffs are reshaping the industry. Anna also shares her views on the winners and losers across footwear, apparel and beauty, including who are the most exciting brands in the space right now.

For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

Don Schneider joins us to break down Treasury’s surprise buyback announcement and what it signals about the bond market, long-term rates and the government’s broader issuance strategy. We also discuss the persistent U.S. deficit, whether the economy can actually grow its way out of the debt burden, the outlook for tariffs and the market-moving policy decisions that could emerge between now and the midterm elections. Don also weighs in on the growing political risks surrounding AI, data centers and the massive infrastructure buildout behind the AI boom.

For full disclosure information visit: http://www.pipersandler.com/researchdisclosures

Alex Goldfarb joins us to explain why a lack of new real estate supply could create a powerful opportunity for REIT investors. We discuss the rebound in office, industrial and retail, how AI is driving unexpected demand for space, and why construction costs are keeping new supply constrained. Alex also explains why he is even more bullish on real estate than he was a year ago and where he sees the biggest opportunities over the next several years.

For full disclosure information visit: http://www.pipersandler.com/researchdisclosures