Inflation may be cooling faster than markets expect and the implications are big. This week, we sit down with Jake Oubina to break down why commodity shocks are fading, why core inflation is set to grind lower, and why the Fed may be done hiking for this cycle. We connect the dots from falling gas prices to improving consumer confidence, stronger job growth, and a potential tailwind for housing and rate-sensitive sectors. If this disinflation trend holds, it could mark a shift back toward a Goldilocks environment with lower rates, expanding multiples, and a much broader market rally.

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In this episode, we go deep into the mechanics of index construction with Jackson Venjohn Head Of Index Rebalancing At Piper Sandler. With hundreds of billions in forced buying and selling, the rise of passive investing has fundamentally changed how stocks trade, how liquidity forms, and how opportunities emerge. We unpack the largest rebalance cycle ever, and how blockbuster IPOs like SpaceX could reshape flows for years to come. If you want to understand what’s really moving markets beneath the surface, this is the conversation.

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In this episode, we unpack the profound shift reshaping markets: the transition from a growth-driven framework to one dominated by interest rates and inflation anxiety. What began in late 2023 as a simple observation—that falling rates lift equities while rising rates pressure them—has evolved into a full-blown regime change with deep historical parallels. We explore why “bad news” like softer economic data can now be bullish, how decades-old correlations have flipped, and what this means for positioning across sectors. With affordability pressures, a bifurcated consumer, and a massive AI-driven earnings backdrop all in play, this conversation breaks down the signals that matter, the risks that could disrupt the trend, and why this new paradigm may be with investors for years to come.

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Interest rates are once again the market’s main character and while headline indices sit near all-time highs, the story underneath is far less comfortable. In this episode, Michael unpacks the growing disconnect between index-level strength and deteriorating market breadth, We dig into the regime shift that’s made rates matter more than growth, the reflexive cycle between yields, economic data, and equities, and why both the worst and best market moves tend to cluster around turning points in rates. From the K-shaped economy to the constant whipsaw in Fed expectations, this conversation explores what clients are asking, what the data is actually saying, and where the biggest opportunities may be if rates finally start to ease.

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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?

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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.

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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