In this week's jam-packed Market Minutes recap, hear from our team of experts as they share their perspectives on the latest economic reports. Our panel shares detailed insights into the FOMC meeting, GDP, and predictions for 2025. 

Speakers:
Brian Pietrangelo, Managing Director of Investment Strategy
Cindy Honcharenko, Director of Portfolio Management
George Mateyo, Chief Investment Officer
Rajeev Sharma, Head of Fixed Income
Stephen Hoedt, Head of Equities

01:31 – The Federal Reserve (Fed) cut rates by 25 basis points at the recent Federal Open Market Committee (FOMC) meeting

01:56 – The Bureau of Economic Analysis released the third quarter GDP analysis, showing an increase at an annual rate of 3.1%

03:34 – A recap from this week’s FOMC meeting

06:42 – Comments on the sharp reaction from the markets after the confusion surrounding the FOMC meeting and Fed Chair Powell’s press conference

08:30 – Comments on the hawkish rate cut, and what we can expect from the Fed going into 2025

11:33 – The team gives their perspectives on what surprised them in the economy this past year in 2024

14:36 – The team gives their predictions on what economic activity can be expected in 2025

Additional Resources

Key Questions: Investment Manager Outperformance: Skill vs. Luck | Key Private Bank

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In this week's jam-packed Market Minutes recap, hear from our team of experts as they share their perspectives on the latest economic reports. Our panel shares detailed insights into the initial unemployment claims, CPI data, next week’s FOMC meeting, the bond and equities markets.

Speakers:
Brian Pietrangelo, Managing Director of Investment Strategy
George Mateyo, Chief Investment Officer
Rajeev Sharma, Head of Fixed Income
Stephen Hoedt, Head of Equities

02:21 – Initial unemployment claims for the week ending December 7 were reported at 242,000

02:51 – The Consumer Price Index was released and is higher than expected; CPI data for November shows a 0.1% increase from October reported at 2.7% year-over-year

04:02 – Comments on this week’s economic data and how the Federal Reserve (Fed) may decide on interest rates during the next week’s FOMC meeting following the data releases

07:31 – Based on the CPI data, the bond market is anticipating a 25 basis point rate cut at next week’s FOMC meeting. We can also expect a summary of the Fed members’ 2025 economic projections 

11:20 – Remarks on what is forecasted next year in the equities market based on the Fed and this year’s economic data pattern; equities such as cyclicals and other sectors that may benefit from less regulation amid the new U.S. presidential administration taking office

16:10 – Final comments on additional investment content available on www.key.com/wealthinsights.

Additional Resources

Key Questions: Investment Manager Outperformance: Skill vs. Luck | Key Private Bank

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In this week's jam-packed Market Minutes recap, hear from our team of experts as they share their perspectives on the latest economic reports. Our panel shares detailed insights into the PMI reports, initial unemployment claims, the Employment Situation report, the Beige Book, our 2025 investment and economic outlook, and the upcoming FOMC meeting .

Speakers:
Brian Pietrangelo, Managing Director of Investment Strategy
George Mateyo, Chief Investment Officer
Rajeev Sharma, Head of Fixed Income
Stephen Hoedt, Head of Equities

01:23 – The Purchasing Managers’ Index (PMI) reported Manufacturing higher in November, while Services came in lower in November

02:36 – Initial unemployment claims for the week ending November 30 were reported at 224,000

02:56 – The Employment Situation reported new non-farm payrolls at 227,000 in November; The unemployment rate remained relatively the same at 4.2% in November 

04:21 – Comments on our Key Wealth 2025 investment and economic outlook, and a recap of the recent Key Wealth National Call

09:48 – Remarks on the new presidential administration, and what it may do for economic growth

10:53 – Comments on if the US dollar will be ‘dethroned’ as the world’s reserve currency

13:00 – Expectations for the upcoming Federal Reserve FOMC meeting and how the Employment Situation data may affect a December rate cut

18:44 – Remarks on if the new presidential administration will affect the equities market, specifically the Magnificent 7, and thoughts for the new year

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Key Questions: Should Investors Consider Dividend Stocks in a Falling-Rate Environment? | Key Private Bank

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In this week's jam-packed Market Minutes recap, hear from our team of experts as they share their perspectives on the latest economic reports. Our panel shares detailed insights into the US Leading Economic Indicator, existing home sales, the equities market, SEC chairperson resignation, the bond market, and rate cuts.

Speakers:
Brian Pietrangelo, Managing Director of Investment Strategy
Rajeev Sharma, Head of Fixed Income
Stephen Hoedt, Head of Equities

01:11 – The Conference Board’s US Leading Economic Indicator showed the indicator declined by 0.4% for October 

02:08 – The National Association of Realtors reported a 3.4% increase in existing home sales for October

03:17 – Comments on the equities market and the uptick we saw this week for S&P 500 earnings

07:20 – Remarks on Gary Gensler – the U.S. Securities and Exchange Commission’s chairperson – and his recent resignation announcement amid the new U.S. presidential administration change

09:22 – Comments on the bond market and the pace of rate cuts we can expect in 2025

11:47 – Thoughts on recent comments made by Federal Reserve presidents, like Susan Collins, and their stance on rate cuts

12:40 – Final thoughts on the team’s favorite Thanksgiving dishes

Additional Resources

Key Questions: Behind the Commercial Break: What Does Ad Spending Tell Us About the US Consumer? | Key Private Bank 

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The Key Wealth Matters weekly podcast covers important topics including the markets, the economy, and investing. This week's episode features discussions on:

• Market updates, with the S&P 500 down slightly this week despite being up 25% year-to-date. Rising Treasury yields are making further gains difficult.
• Tax policy under the reelected President Trump, including plans to make his 2017 tax cuts permanent and possibly lower the corporate tax rate further.
• Implications for the municipal bond market, with concerns about potential changes to tax-exempt status for private activity bonds and the alternative minimum tax.
• The Federal Reserve's path forward on interest rates, with Powell signaling a slower pace of rate cuts.

Speakers:
Brian Pietrangelo, Managing Director of Investment Strategy
Stephen Hoedt, Head of Equities
Joe Velkos, National Tax Director

Paul Toft, Senior Fixed Income Portfolio Manager

Additional Resources

Key Questions: What Do the Election Results Mean for the Economy, the Markets, and Your Portfolio? | Key Wealth

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In this week's jam-packed Market Minutes recap, hear from our team of experts as they share their perspectives on the latest economic reports. Our panel shares detailed insights into the Purchasing Manager’s Index, the recent U.S. presidential election, the equities and bond markets, and the recent FOMC meeting.

Speakers:
Brian Pietrangelo, Managing Director of Investment Strategy
Cindy Honcharenko, Director of Fixed Income Portfolio Management
George Mateyo, Chief Investment Officer
Rajeev Sharma, Head of Fixed Income
Stephen Hoedt, Head of Equities

02:33 – The Purchasing Manager’s Index (PMI) was released for both manufacturing, showing a continuous decline, and for services, showing a continuous expansion reporting the highest read since July 2022

04:17 – Comments on the recent U.S. presidential election and the outcome of the president elect

07:45 – Comments on how the recent U.S. presidential election may affect the equities market and the performance we might expect to see for the next 4 years

11:57 – Despite the equities market cheers regarding the U.S. presidential election results, the bond market is preparing for the new administration’s fiscal policy that may lead to higher debt and deficits with a risk of a rise in inflation

14:43 – A recap of Thursday’s Federal Open Market Committee (FOMC) meeting and their decision to cut the federal funds rate by 25 basis points, making the new target rate the range of 4.50% – 4.75%

18:20 – Final thoughts on Federal Reserve Chairman, Jerome Powell’s statement: “with reference to interest rates cuts, we are on the right path, but we don’t yet know the right pace” as well as the Federal Reserve’s independence

Additional Resources

Key Questions: The Yield Curve Has Un-inverted. Now What? | Key Private Bank

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In this week's jam-packed Market Minutes recap, hear from our team of experts as they share their perspectives on the latest economic reports. Our panel shares detailed insights into the bond and equities markets' reactions to the latest reports and looks ahead to next week's US presidential election and FOMC meeting. This week's episode also features special guest, Joe Velkos, who overviews the proposed tax policies of both presidential candidates.

Speakers:
Brian Pietrangelo, Managing Director of Investment Strategy
Rajeev Sharma, Head of Fixed Income
Stephen Hoedt, Head of Equities
Joe Velkos, National Director of Tax Policy

03:53 – Bureau of Labor Statistics Job Openings Report and Employment Cost Index Report update 

04:57 – Dept. of Labor weekly initial unemployment claims update

05:36 – Advanced estimate for 3rd Quarter Real GDP for the US Economy

06:21 – Update on PCE, the Fed's preferred measure of inflation 

07:23 – The latest employment numbers

09:06 – Comments on the bond market reaction to the latest economic updates and anticipation of the Fed's rate decision next week.

14:53 – Remarks on a busy week in the equities market and looking ahead to the conclusion of the election season
18:45 – Perspectives on how legislative tax policy works overall as well as an overview on the proposed tax policies of both Harris and Trump

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the Beige Book, initial unemployment claims, existing home sales, the S&P 500, the bond market, the MOVE Index, and upcoming economic news.

Speakers:
Brian Pietrangelo, Managing Director of Investment Strategy
George Mateyo, Chief Investment Officer
Rajeev Sharma, Head of Fixed Income
Stephen Hoedt, Head of Equities

01:54 – The Federal Reserve released the October Beige Book, highlighting the economic activity to be discussed at the upcoming FOMC meeting 

02:50 – The initial unemployment claims for the week ending October 19 were reported at 227,000 

03:17 – The National Association of Realtors reported a decline in existing home sales for the month of September, as well as reporting a decline of 3.5% in year-over-year existing home sales for September   

04:25 – Comments on earnings; the S&P 500 reporting season has been ‘tricky’ so far, with more than 12% of the stocks moving at least 10% on earnings day 

07:28 – Based on the Beige Book release, we hear remarks on what we can expect to hear during the upcoming FOMC meeting 

10:31 – Comments on the bond market being ‘spooked’, as we anticipate a rate cut at the upcoming FOMC meeting, yet preparing for the 2025 rate cut projections

11:25 – Unusual forecasting from the MOVE Index as option prices show treasury yields for all maturities are projected to increase about 18 basis points higher following the presidential election

14:15 – Final thoughts and assumptions on next week’s economic news such as the Employment Situation, Consumer Spending, PCE Inflation, etc. 

Additional Resources

Key Questions: The Yield Curve Has Un-inverted. Now What? | Key Private Bank

Key Questions | Key Private Bank
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In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the initial unemployment claims, rate cuts, the upcoming November FOMC meeting, the earnings market, and the bond market.

Speakers:
Brian Pietrangelo, Managing Director of Investment Strategy
George Mateyo, Chief Investment Officer
Rajeev Sharma, Head of Fixed Income
Stephen Hoedt, Head of Equities

01:34 – The initial unemployment claims for the week ending October 12 were reported at 241,000

03:45 – Predictions on if The Federal Reserve will issue another rate cut before the end of 2025 

06:02 – Attention and anticipation are increasing for the November FOMC; Based on recent economic reports the market does not have high hopes for a rate cut of more than 25 basis point cut

11:07 – Remarks on the earnings market and its continued success 

15:11 – Comments on how this election season is affecting the bond market

16:21 – Final thoughts sharing where you should be investing 

Additional Resources

Key Questions: The Yield Curve Has Un-inverted. Now What? | Key Private Bank

Key Questions | Key Private Bank
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In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on recent market and economic data, including an analysis of the September employment report, the Federal Reserve's September meeting minutes and the latest inflation and unemployment claims data. The discussion covers the potential impact of these developments on the Federal Reserve's monetary policy decisions, as well as the outlook for the equity and fixed income markets.

Speakers:
Brian Pietrangelo, Managing Director of Investment Strategy
George Mateyo, Chief Investment Officer
Rajeev Sharma, Head of Fixed Income
Steve Hoedt, Head of Equities

01:52 – Remarks on the labor market, FOMC meeting minutes, and inflation 

06:57 – Comments on the Fed meeting minutes and its impact on the bond market
10:13 – Comments on the equities market and predictions for volatility and earnings season

Additional Resources

Key Questions: The Yield Curve Has Un-inverted. Now What? | Key Wealth

Key Questions | Key Private Bank
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