In this week's episode, our experts unpack the past few days following positive news on tariff discussions between the United States and China. We also provide observations on the final earnings calls of the first quarter of 2025, changes in consumer sentiment, ongoing uncertainty around the Federal Reserve, what happened in the Treasury Bond market, and how proposed tax and spending plans from Congress will impact the federal deficit. Please note that we will not release a new episode next week in observance of the Memorial Day holiday weekend; we encourage you to take a moment to reflect on the history and meaning of the holiday as we begin the summer season.

Speakers:
Brian Pietrangelo, Managing Director of Investment Strategy

George Mateyo, Chief Investment Officer
Rajeev Sharma, Head of Fixed Income
Stephen Hoedt, Head of Equities
 

00:21 – A reflection on Memorial Day.

03:05 – A review of this week’s Consumer Price Index measure of inflation.

03:56 – The Consumer Price Index report showed month-over-month retail sales rose by 0.1% in April, while industrial production remained flat at a 0.0% change from March.

05:18 – Equity markets rose on news of a coordinated effort between the U.S. and China to rein in tariffs.

11:09 – A look into corporate news of the week in relation to mergers and acquisitions, earnings calls, and a surge in corporate debt issuance.

12:52 – The 10-year Treasury note yield rose to above 4.5% before coming back down towards the end of the week.

15:51 – Priorities seem to shift for Fed Chair Jerome Powell towards addressing employment shortfalls, while still maintaining an inflation target of 2%.

16:52 – A discussion about the potential impacts on the federal deficit and general investment strategy of the proposed tax reforms making their way through Congress.

Additional Resources

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