Interest rates are once again the market’s main character and while headline indices sit near all-time highs, the story underneath is far less comfortable. In this episode, Michael unpacks the growing disconnect between index-level strength and deteriorating market breadth, We dig into the regime shift that’s made rates matter more than growth, the reflexive cycle between yields, economic data, and equities, and why both the worst and best market moves tend to cluster around turning points in rates. From the K-shaped economy to the constant whipsaw in Fed expectations, this conversation explores what clients are asking, what the data is actually saying, and where the biggest opportunities may be if rates finally start to ease.

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