Today's episode untangles the disconnect between resilient market performance and mounting global risks – from geopolitical instability and a fragile infrastructure to a potential AI bubble fueled by wishful thinking. We explore whether current optimism is a justified realignment of capital or a ‘Wiley Coyote’ moment, and why the bond market is issuing warnings the equity market ignores.

Explore the full visual digest at pers-int.com

0:00 - Introduction
1:06 - Global Geopolitical Risks & Market Sentiment
8:12 - Tech Sector Growth: AI Investment & Earnings
15:49 - Fixed Income, Credit & the AI Effect
19:25 - The Fed, Politics & Market Rates
23:07 - Conclusion

Referenced sources:
Strait Shutdown Oil Shock, Big Tech's Big Job Cuts, Italy's Stock Buying Fear (Bloomberg Daybreak: Europe Edition)
DOJ Drops Powell Probe, Smoothing Path for Warsh to Lead Fed (Bloomberg Intelligence)
Instant Reaction Intel Gives Strong AI-Fueled Outlook (Bloomberg Intelligence)
Bloomberg Surveillance TV April 24th, 2026 (Bloomberg Surveillance)
Single Best Idea with Tom Keene Frances Donald and Jordan Rochester (Bloomberg Surveillance)
Market Fundamentals Drive Rally and Outline US Eco Risks (Bloomberg Surveillance)
Macro Matters Jerome Schneider on Funding Market Risks (FICC Focus)
The Fed Is Irrelevant While CapEx Runs The Economy Weekly Roundup (Forward Guidance)
Tim Cook's Legacy + The Future of U.B.I. With Andrew Yang + HatGPT (Hard Fork)
Primark spin-off, robotics & US equity funds Companies and Markets show (Investors' Chronicle)
Ep. 355 Phil Suttle on Oil Market Shocks, Inflationary AI, and the Fed's Hawkish Pivot (Macro Hive Conversations With Bilal Hafeez)
MacroVoices #529 Ole S Hansen Commodities in The Wake of The Iran Crisis (Macro Voices)
Markets Happy Hour Podcast - April 23, 2026 - With Special Guest David Kelly (Markets Happy Hour Podcast with Aoifinn Devitt)
James Bosworth on the Orange Wave Happening Across Latin America (Odd Lots)
Is the clock ticking for Keir Starmer (Political Currency)
The AI Job Crisis Andrew Yang Saw Coming (Prof G Markets)
Stewart Brand, Silicon Valley's Favorite Prophet, on Life's Most Important Principle (The Ezra Klein Show)
Big Opportunities in Small Cap Equities (The Markets)
Dividend Myths That Distort Markets (w Sam Hartzmark) #628 (The Meb Faber Show - Better Investing)
AI Inside the Enterprise (The a16z Show)
The Hidden Toll of Tariffs (Thoughts on the Market)
UBS On-Air Paul Donovan Daily Audio 'The Wile E Coyote effect continues' (UBS On-Air: Market Moves)
China Shock 2.0 (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.