What's Next For Markets

In this episode, we’re joined by Kevin Gordon, Head of Macro Research and Strategy at Charles Schwab, to break down one of the most confusing market environments in years.

Despite geopolitical tension, rising rates, and persistent inflation concerns, markets continue to push to new highs. Kevin shares what he’s hearing from investors across the country, from retail to institutional and why the gap between how people feel about the economy and what the data says may be the defining feature of this cycle.

We dig into the idea of a “vibepression,” where sentiment remains deeply negative even as growth and employment hold up, and explore why affordability—not job loss—is today’s central economic pressure point. The conversation also tackles the growing concentration in markets, the dominance of mega-cap tech, and why investors may be overlooking opportunities beneath the surface.

Kevin explains why diversification still matters, even in a world where a handful of stocks drive index returns, and how thinking in terms of themes—not sectors—can better capture where markets are headed. We also discuss whether today’s environment resembles past bubbles, how AI is reshaping both growth and inflation, and why interest rates—not earnings—may be the biggest risk to markets from here.

Finally, Kevin shares his framework for separating “front-page risk” from what actually impacts markets, along with his outlook for the months ahead and the key signals investors should be watching.

In this episode, Emily breaks down a week where stocks hit all-time highs even as interest rates and oil prices moved higher. So what’s really going on? The answer lies beneath the surface. Despite constant headline noise and investor skepticism, the underlying story is clear; this market rally is broader, stronger, and more fundamentally driven than many realize. The big question—can it continue?

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

In this episode we sit down with Kurt Lewis, Head of Central Bank Policy at Piper Sandler and former Special Advisor to Fed Chair Jerome Powell.
Kurt brings a rare insider perspective, having spent nearly two decades at the Federal Reserve, including during the global financial crisis, the COVID shock, and the recent inflation surge. From briefing policymakers to shaping conversations at the highest levels, he’s seen firsthand how the Fed responds when the stakes are highest.
The conversation begins with Kurt’s unexpected entry into the Fed just before the 2008 crisis, where macro theory quickly gave way to real-time problem solving in financial markets. He shares what it was like inside the Fed  and what those experiences taught him about risk, data, and decision-making.
Looking ahead, the discussion turns to what may change in the next era of Fed leadership. From communication strategy and forward guidance to the future of the balance sheet and inflation framework, Kurt outlines where a new Chair could reshape policy and where institutional constraints make change much harder.
This is a deep dive into how the Fed really works—and what it means for markets next.

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

Four months into the year, markets have been anything but quiet. Headlines around oil prices, geopolitics, and inflation anxiety continue to dominate the narrative, but beneath the noise, the data tells a very different story.
In this episode, we break down why resilient economic data is quietly driving markets higher. From surging PMI readings to improving earnings breadth across small, mid, and large caps, the conversation highlights a major shift underway; this is no longer just a mega-cap tech story.
The big takeaway: while markets may feel volatile on the surface, the underlying fundamentals are broadening and that could have major implications for portfolio positioning in the months ahead.

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

In this episode, we welcome back Jake Oubina, Managing Director and Deputy Head of Economic Research at Piper Sandler, for a wide-ranging discussion on the macro outlook. Despite geopolitical tensions, rising oil prices, and shifting sentiment, Jake has remained anchored to a 3% real GDP growth view. Together, we explore key risks ahead, including potential tariff re-escalation, shifting immigration dynamics, and how policy decisions could shape the second half of the year. The big takeaway: beneath the noise, the macro backdrop may be more resilient and even improving faster than many expect.

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