Markets don’t need a heavy data week to make big moves. We open with a sharp risk-off swing sparked by a jump in Japan’s 10-year yield to heights not seen since 1999, then trace how that shock rippled through Treasuries, equity multiples, and the dollar. From there, we unpack why long-duration growth names led the slide, why small caps fell less, and how a thin economic calendar let geopolitics take the wheel.

Tariff talk and tense U.S.–Europe rhetoric around Greenland put sentiment on edge, but the narrative shifted when force was taken off the table, fueling a fast relief rally. We break down the split in hedges—gold pushing to new highs while Bitcoin sank—and explain what that contrast says about liquidity preferences and real yield expectations when macro risk rises. Along the way, we revisit the mechanics of duration in both bonds and equities, and how higher discount rates directly pressure high multiple stocks even without an earnings miss.

Looking ahead, we map the catalysts that matter: a pending Supreme Court decision on tariffs that could redefine trade tools, midterm election dynamics that typically lift volatility, and a coming recommendation for the next Federal Reserve Chair that will signal policy continuity or change. With valuations still pricing a near-perfect backdrop, we argue for stress testing portfolios against higher global yields, a choppier dollar, and headline risk that hits specific sectors first. Expect more twists, prepare for whiplash, and focus on balance sheets with pricing power and durable free cash flow.

If this breakdown helps you navigate the noise, follow the show, share it with a friend, and leave a quick review to tell us what market risk you’re watching next.

https://youtu.be/5Hr25FObNK4

Disclaimer: material was prepared by Verdence Capital Advisors, LLC (“VCA”). VCA believes the information and data in this document were obtained from sources considered reliable and correct and cannot guarantee either their accuracy or completeness. VCA has not independently verified third-party sourced information and data. Any projections, outlooks
or assumptions should not be construed to be indicative of the actual events which will occur. These projections, market outlooks or estimates are subject to change without notice. This material is being provided for informational purposes only and is not intended to provide, and should not be relied upon for, investment, accounting, legal, or tax advice. Past performance is not a guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product or anynon-investment related content, made reference to directly or indirectly in these materials will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. You should not assume that any
discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from VCA. Due to various factors, including changing market conditions and/or applicable laws, the co...

Headlines say inflation is coming down — but is it really?

Verdence CIO Megan Horneman challenges the popular inflation narrative by breaking down the latest CPI (Consumer Price Index) and PPI (Producer Price Index) reports.

While headline inflation numbers appear to show improvement, core inflation remains above the Fed’s target, and the areas consumers feel most — food, housing, utilities, healthcare, and services — continue to rise sharply. Understand why inflation is becoming disguised in the data, especially within sticky service-sector prices the Federal Reserve cannot easily control.

The episode also gets into consumer spending, highlighting why strong retail sales don’t necessarily signal economic strength. With spending data not adjusted for inflation, rising sales may actually point to persistent price pressure, especially in categories like autos, gas, building materials, restaurants, and clothing — many of which are also vulnerable to tariff-driven cost increases.

📊 Learn why
➡️ Why CPI and PPI data may be understating inflation risks
➡️ How services inflation is driving everyday cost pressures
➡️ Why food, housing, healthcare, and utilities remain elevated
➡️ The disconnect between weak consumer confidence and strong spending
➡️ Why inflation-adjusted data matters more than headlines
➡️ The risk of inflation re-accelerating in 2026
➡️ What this means for Fed policy and markets

Markets have been under pressure recently as investors begin to question whether inflation is truly under control, and whether the Fed is paying close enough attention to the most persistent price pressures in the economy.

🎧 Listen to the full Markets with Megan podcast archive:
👉 https://marketswithmegan.fm

🔔 Subscribe, hit the bell, and stay informed as we cut through the noise and focus on what the economic data actually means for markets and investors.

#MarketsWithMegan #Inflation #CPI #PPI #FederalReserve #ConsumerSpending #RetailSales #EconomicData #StickyInflation #Markets #Investing #MacroEconomics #wealthmanagement 

https://youtu.be/RAiK_pfpgi0

Disclaimer: material was prepared by Verdence Capital Advisors, LLC (“VCA”). VCA believes the information and data in this document were obtained from sources considered reliable and correct and cannot guarantee either their accuracy or completeness. VCA has not independently verified third-party sourced information and data. Any projections, outlooks
or assumptions should not be construed to be indicative of the actual events which will occur. These projections, market outlooks or estimates are subject to change without notice. This material is being provided for informational purposes only and is not intended to provide, and should not be relied upon for, investment, accounting, legal, or tax advice. Past performance is not a guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product or anynon-investment related content, made reference to directly or indirectly in these materials will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. You should not assume that any
discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from VCA. Due to various factors, including changing market conditions and/or applicable laws, the co...

Welcome to 2026. We’re kicking off the year by unpacking one of the most surprising market environments in recent history.

In this episode of Markets with Megan, Megan Horneman recaps 2025, a year marked by economic headwinds, weak job growth, stubborn inflation, and global uncertainty,  yet one that still delivered strong returns across equities, bonds, and commodities.

Despite muted job creation and rising unemployment, the U.S. economy posted solid growth, consumers kept spending, and markets responded to easing monetary policy rather than gloomy headlines. Rate cuts from the Fed and global central banks fueled momentum in technology, gold, and international markets, while investors finally saw long-awaited rotation into small caps, mid caps, and non-U.S. equities.

📈 In this episode:
➡️ Why markets thrived despite economic weakness
➡️ How rate cuts reshaped investor behavior
➡️ The rotation away from U.S. mega-cap tech
➡️ Why international and emerging markets outperformed
➡️ What drove the explosive rally in gold and silver
➡️ Key takeaways investors should carry into 2026

With precious metals posting record highs, bonds delivering their third straight year of gains, and global diversification finally paying off, 2025 reminded investors that markets don’t move on headlines — they move on policy, liquidity, and expectations.

🎧 Explore the full podcast archive:
👉 https://marketswithmegan.fm

🔔 Subscribe, hit the bell, and follow along as we break down the economic data and market-moving events that will shape portfolios in 2026.

#MarketsWithMegan #MarketOutlook #2025Markets #Investing #FederalReserve #InterestRates #GlobalMarkets #Gold #Equities #Bonds #EconomicData #Macro #WealthManagement

https://youtu.be/7w-xAin5bG8

Disclaimer: material was prepared by Verdence Capital Advisors, LLC (“VCA”). VCA believes the information and data in this document were obtained from sources considered reliable and correct and cannot guarantee either their accuracy or completeness. VCA has not independently verified third-party sourced information and data. Any projections, outlooks
or assumptions should not be construed to be indicative of the actual events which will occur. These projections, market outlooks or estimates are subject to change without notice. This material is being provided for informational purposes only and is not intended to provide, and should not be relied upon for, investment, accounting, legal, or tax advice. Past performance is not a guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product or anynon-investment related content, made reference to directly or indirectly in these materials will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. You should not assume that any
discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from VCA. Due to various factors, including changing market conditions and/or applicable laws, the co...

As we wrap up the year, we’re trading headlines for holiday wishes. 🎄

In this special year-end episode of Markets with Megan, Megan Horneman shares her “12 Days of Christmas” market wish list for 2026. It's a mix of realistic hopes, long shots, and conversation-starting ideas you can take straight to the holiday dinner table.

From interest rates and inflation to global markets, housing, earnings growth, and government policy, this episode walks through what could shape the year ahead, and why each of these wishes matters for investors.

Not all wishes come true, but understanding them helps you think more clearly about risk, opportunity, and diversification as we head into the new year.

🎧 Thanks for listening this year — and happy holidays from all of us at Markets with Megan.

👉 Explore past episodes and insights:
 https://MarketsWithMegan.FM

To see Megan's White paper on the 12 Days of Christmas Wishlist for markets, go to: https://verdence.com/insight/christmas-wishlist-for-2026/

https://youtu.be/PpzlQDdGJdk

Disclaimer: material was prepared by Verdence Capital Advisors, LLC (“VCA”). VCA believes the information and data in this document were obtained from sources considered reliable and correct and cannot guarantee either their accuracy or completeness. VCA has not independently verified third-party sourced information and data. Any projections, outlooks
or assumptions should not be construed to be indicative of the actual events which will occur. These projections, market outlooks or estimates are subject to change without notice. This material is being provided for informational purposes only and is not intended to provide, and should not be relied upon for, investment, accounting, legal, or tax advice. Past performance is not a guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product or anynon-investment related content, made reference to directly or indirectly in these materials will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. You should not assume that any
discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from VCA. Due to various factors, including changing market conditions and/or applicable laws, the co...

Inflation finally delivered some encouraging signals — but the details matter.

Megan Horneman breaks down the November CPI report, which showed inflation continuing to cool on a year-over-year basis, even as data disruptions and missing monthly readings complicate the picture.

Headline CPI rose 2.7% year-over-year, while core inflation came in at 2.6%. Food prices, energy services, shelter, and medical services all remain elevated, reminding investors that sticky inflation pressures haven’t disappeared.

Markets are reacting optimistically, with growing expectations that the Federal Reserve could cut interest rates as early as January, but Megan explains why that confidence may be premature given the noise in government data and incomplete inflation readings.

📊 In this episode:

➡️ What the November CPI report really tells us
➡️ Why missing data matters for inflation trends
➡️ Which categories remain stubbornly high
➡️ Why markets are pricing in a Fed cut
➡️ What to watch in the full December inflation report

With cleaner data expected in January, the next CPI release could be far more decisive for Fed policy and market direction.

🎧 Explore the full podcast archive:
👉 https://marketswithmegan.fm

🔔 Subscribe, hit the bell, and share with anyone tracking inflation, rates, or the economy.

#Inflation #CPI #FederalReserve #InterestRates #EconomicData #FedWatch #Markets #Economy #Investing #MarketsWithMegan #FinancePodcast #Macro #MarketUpdate

https://youtu.be/0J3w0aYZiDo

Disclaimer: material was prepared by Verdence Capital Advisors, LLC (“VCA”). VCA believes the information and data in this document were obtained from sources considered reliable and correct and cannot guarantee either their accuracy or completeness. VCA has not independently verified third-party sourced information and data. Any projections, outlooks
or assumptions should not be construed to be indicative of the actual events which will occur. These projections, market outlooks or estimates are subject to change without notice. This material is being provided for informational purposes only and is not intended to provide, and should not be relied upon for, investment, accounting, legal, or tax advice. Past performance is not a guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product or anynon-investment related content, made reference to directly or indirectly in these materials will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. You should not assume that any
discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from VCA. Due to various factors, including changing market conditions and/or applicable laws, the co...

Why does Fed Structure Matter More Than Headlines?

In this special edition of Markets with Megan, Megan Horneman, Chief Investment Officer at Verdence Capital Advisors, explains the structure of the Federal Reserve and the role of the Federal Open Market Committee (FOMC), the group responsible for voting on U.S. monetary policy.

Learn how rotating FOMC voting members, a potentially new Fed Chair in 2026, and the balance between “hawks” and “doves” influence policy debates and market reactions. Megan also addresses recent headlines around Fed leadership, central bank independence, and why committee dynamics often matter more than any single individual.

The discussion highlights why the Fed is likely to remain divided, how that division can contribute to market volatility, and why Verdence remains focused on economic growth, inflation, and earnings—not headlines—when evaluating portfolio positioning.

This episode accompanies Verdence’s white paper, Understanding the Fed Dynamic, available at verdence.com.

https://youtu.be/sTMNYrFpyfE

Disclaimer: material was prepared by Verdence Capital Advisors, LLC (“VCA”). VCA believes the information and data in this document were obtained from sources considered reliable and correct and cannot guarantee either their accuracy or completeness. VCA has not independently verified third-party sourced information and data. Any projections, outlooks
or assumptions should not be construed to be indicative of the actual events which will occur. These projections, market outlooks or estimates are subject to change without notice. This material is being provided for informational purposes only and is not intended to provide, and should not be relied upon for, investment, accounting, legal, or tax advice. Past performance is not a guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product or anynon-investment related content, made reference to directly or indirectly in these materials will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. You should not assume that any
discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from VCA. Due to various factors, including changing market conditions and/or applicable laws, the co...

We unpack October retail sales: a flat headline hides a stronger 0.8% rise in core spending while restaurants and autos slip. We explain what a tepid consumer means for Q4 growth, markets, and the odds of early Fed rate cuts and tax relief next year.

• government data returns and date context
• headline retail sales flat at 0.0%
• gas, health and personal care, and building materials decline
• core control group rises 0.8%, strongest since June
• autos weaken after EV credit roll-off
• restaurants see biggest drop since February
• implications for GDP and consumer strength
• potential for early Fed rate cuts
• expected tax relief as a consumer lifeline

If you like this podcast, please subscribe, hit that alarm bell, share with friends, your family or colleagues, anybody who wants to know about what that economic data means and what it means for the markets

https://youtu.be/8hUSIinQiuE

Disclaimer: material was prepared by Verdence Capital Advisors, LLC (“VCA”). VCA believes the information and data in this document were obtained from sources considered reliable and correct and cannot guarantee either their accuracy or completeness. VCA has not independently verified third-party sourced information and data. Any projections, outlooks
or assumptions should not be construed to be indicative of the actual events which will occur. These projections, market outlooks or estimates are subject to change without notice. This material is being provided for informational purposes only and is not intended to provide, and should not be relied upon for, investment, accounting, legal, or tax advice. Past performance is not a guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product or anynon-investment related content, made reference to directly or indirectly in these materials will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. You should not assume that any
discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from VCA. Due to various factors, including changing market conditions and/or applicable laws, the co...

A cooling jobs market doesn’t always scream crisis. Sometimes it whispers caution. We unpack why October turned negative, how November’s modest gain still dragged the 12‑month job count to its slowest since March 2021, and what a 4.6 percent unemployment rate signals about momentum heading into the new year. Our goal: make sense of the labor data flood and translate it into clear implications for families, employers, and investors.

We break down where the cracks and strengths are forming. Construction and goods‑producing roles continue to hold up, aided by industrial projects and long‑cycle backlogs, while private education and health care benefit from steady, demographic demand. 

On the flip side, trade, leisure, and hospitality are slippin. These are signs that consumer discretionary spending is getting more selective and that businesses are tightening scheduling and staffing. Along the way, we explain why October’s headline loss was amplified by government employment dynamics tied to prior budget changes, and why that one‑off effect doesn’t fully mask the broader slowdown that shows up across the trend.

What does this mean for policy and portfolios? We lay out the case for a Federal Reserve “insurance cut” in January or March to prevent a softening labor market from tipping into a broader contraction, provided inflation continues to cool. For households, we highlight where job opportunities remain firmer and how to plan for a slower hiring cycle. 

For business leaders, we discuss practical steps to protect margins by prioritizing productivity, preserving optionality, and aligning hiring with sectors showing durable demand. For investors, we outline a cautious but constructive stance: watch credit conditions, favor quality balance sheets, and look for resilient cash flows in sectors with secular tailwinds.

If this breakdown helps you navigate the noise, follow the show, share it with a friend, and leave a quick review telling us your rate‑cut forecast.

https://youtu.be/2cLPAlddJRM

Disclaimer: material was prepared by Verdence Capital Advisors, LLC (“VCA”). VCA believes the information and data in this document were obtained from sources considered reliable and correct and cannot guarantee either their accuracy or completeness. VCA has not independently verified third-party sourced information and data. Any projections, outlooks
or assumptions should not be construed to be indicative of the actual events which will occur. These projections, market outlooks or estimates are subject to change without notice. This material is being provided for informational purposes only and is not intended to provide, and should not be relied upon for, investment, accounting, legal, or tax advice. Past performance is not a guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product or anynon-investment related content, made reference to directly or indirectly in these materials will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. You should not assume that any
discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from VCA. Due to various factors, including changing market conditions and/or applicable laws, the co...

Today, the Federal Reserve delivered the widely expected rate cut, but it wasn’t the smooth, unified decision markets hoped for. In fact, it was the most divided Fed vote since 2019, with three dissenters split on whether to cut more, or not cut at all.

In this episode of Markets with Megan, Megan Horneman breaks down:

✔️ Why the Fed cut rates today
✔️ Why three members dissented and what it signals
✔️ Why this was considered a hawkish rate cut
✔️ The Fed’s updated forecasts for GDP, inflation & unemployment
✔️ How the Fed plans to manage liquidity through year-end
✔️ What Powell said in the press conference that markets loved
✔️ Why small & mid-cap stocks jumped on the news
✔️ What this all means for the next rate moves in 2024

Markets rallied, yields dropped, and the U.S. dollar softened, but the big question: Is the Fed done cutting for a while?

🎧 Listen to past episodes:
👉 marketswithmegan.fm

If you like staying ahead of the economic data, subscribe, hit the 🔔 alarm bell.

#MarketsWithMegan #FederalReserve #FedMeeting #InterestRates #RateCut #StockMarketNews #EconomicUpdate #Inflation #GDP #BondYields #MarketAnalysis #FinancePodcast #InvestingInsights #EconomicData

https://youtu.be/xHTmHDV-SgI

Disclaimer: material was prepared by Verdence Capital Advisors, LLC (“VCA”). VCA believes the information and data in this document were obtained from sources considered reliable and correct and cannot guarantee either their accuracy or completeness. VCA has not independently verified third-party sourced information and data. Any projections, outlooks
or assumptions should not be construed to be indicative of the actual events which will occur. These projections, market outlooks or estimates are subject to change without notice. This material is being provided for informational purposes only and is not intended to provide, and should not be relied upon for, investment, accounting, legal, or tax advice. Past performance is not a guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product or anynon-investment related content, made reference to directly or indirectly in these materials will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. You should not assume that any
discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from VCA. Due to various factors, including changing market conditions and/or applicable laws, the co...

Today’s labor market data gave the Fed a mixed message, and that makes their job even harder ahead of tomorrow’s policy meeting. Megan breaks down the conflicting signals in the latest JOLTS job openings, NFIB small business hiring plans, layoffs, and quits rates, plus what it all means for interest rates and market performance.

Job openings unexpectedly rose to 7.7 million, the highest since January, signaling renewed labor-market tightness. Yet layoffs hit their highest level since early 2023, and the quits rate fell to its lowest since 2020... both signs that workers and businesses are growing more cautious.

So what will the Fed do tomorrow? Markets still expect a 25-basis-point rate cut, and today’s data isn’t likely to change that.

Also, find out how stocks and bonds reacted, and why the S&P 500 continues struggling to break its all-time high.

📈 Listen in for a clear, calm breakdown of what today’s numbers actually mean for investors.

👉 Catch past episodes at MarketsWithMegan.fm
👉 Subscribe for weekly, data-driven market insights

#LaborMarket #JobsReport #JOLTS #FederalReserve #FedMeeting #InterestRates #MarketUpdate #StockMarket #EconomicData #FinancePodcast #InvestingInsights #WealthManagement #NFIB #Layoffs #Economy

https://youtu.be/saUFDPmptUU

Disclaimer: material was prepared by Verdence Capital Advisors, LLC (“VCA”). VCA believes the information and data in this document were obtained from sources considered reliable and correct and cannot guarantee either their accuracy or completeness. VCA has not independently verified third-party sourced information and data. Any projections, outlooks
or assumptions should not be construed to be indicative of the actual events which will occur. These projections, market outlooks or estimates are subject to change without notice. This material is being provided for informational purposes only and is not intended to provide, and should not be relied upon for, investment, accounting, legal, or tax advice. Past performance is not a guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product or anynon-investment related content, made reference to directly or indirectly in these materials will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. You should not assume that any
discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from VCA. Due to various factors, including changing market conditions and/or applicable laws, the co...