This is the audio from February 25, 2026’s Making Sense Market update. Each month, our team takes a deep dive into markets and the economy. Link to access the video and charts: https://www.firstcitizens.com/wealth/market-outlook/2026/making-sense-february-market-update

This month, Phillip Neuhart and Blake Taylor talked about the housing market, policy developments and the outlook for jobs and inflation. They also reviewed trends in fixed income and equity markets, including valuations and the recent broadening of equity market returns.

AI enthusiasm—and CapEx spending—is off the charts, reminiscent of some of the biggest investment projects in history like railroads and the internet buildout. What does this mean for markets and the economy, and what should investors consider moving forward?