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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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, PCE Inflation report, government debt, China, and the equities market.

Speakers:
Brian Pietrangelo, Managing Director of Investment Strategy
Connor Cloetingh, Senior Equity Analyst
George Mateyo, Chief Investment Officer
Rajeev Sharma, Head of Fixed Income

01:38 – The initial unemployment claims for the week ending September 21 were reported at 218,000

02:50 – Overall Personal Consumption Expenditures (PCE) slowed down from July with a reading of 0.5% to 0.2% in August. Additionally, the PCE Inflation month-over-month data came in at 0.1% in August

04:50 – Being the first inflation report since the September rate cut, the PCE Inflation data validated the Federal Reserve’s rate cut decision, and opened the door for another 50-basis point cut heading toward the end of the year

10:53 – Comments on government debt and its impact on the bond market

14:03 – As government debt has affected markets worldwide, we hear how China’s economic standing is influencing the equities market – particularly with material and commodity prices

Additional Resources

Key Questions: 25 or 50... Is That Really the Question? | 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 retail sales, the FOMC recap, and the equities market.

Speakers:
Brian Pietrangelo, Managing Director of Investment Strategy
Cindy Honcharenko, Director of Fixed Income
Rajeev Sharma, Head of Fixed Income
Connor Cloetingh, Senior Equity Analyst

01:51 – The preliminary retail sales report for August showed a significant decline from 1.1% in July to 0.1% in August

03:56 – The Federal Open Market Committee (FOMC) met Wednesday and moved forward with an unexpected interest rate cut of 50 basis points

11:17 – Additional comments on the FOMC meeting and what can be expected for the remainder of the year; The Fed plans to shift its focus from inflation to the labor market; in addition, the market is expecting an additional 75 basis points to be cut by the end of the year, which differs slightly from the Fed’s estimate of 50 basis points

14:27 – Remarks on why the Fed chose to cut rates by 50 basis points instead of starting with a 25 basis point rate cut

18:56 – Comments on the equity market and its performance since Wednesday’s FOMC meeting

Additional Resources

Key Questions: 25 or 50... Is That Really the Question? | 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 CPI inflation data, the stock market, and next week’s FOMC meeting.

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

01:54 – The Bureau of Labor and Statistics overall Consumer Price Index (CPI) reported inflation at 0.2% for month-over-month in August. Likewise, the CPI reported core inflation at 0.3%

03:06 – The stock market has had a substantial week, and the S&P 500 has rebounded to be within 50 points of nearing an all-time-high

05:31 – Comments on ‘Big Tech’ recovering this week in the market as we saw some pull back in prior weeks, leaving utilities to take the lead as the top performer

07:50 – As Consumer Price Index, Producer Price Index, and initial unemployment claims data were released this week, this seems to be an ideal setup for the anticipated rate cut at next week’s Federal Open Market Committee (FOMC) meeting

Additional Resources

Key Questions: When the Fed Cuts Rates, Should Investors Cut Their Exposure to Stocks | 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 Purchasing Managers Index, the Fed’s Beige Book, the Employment Situation, rate cuts, and the energy 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

01:45 – The Institute for Supply Management Purchasing Managers Index (PMI) data was released highlighting the manufacturing industry being in a contractionary environment, while the services industry has been in an expansionary environment for the past 48 months

02:26 – The Federal Reserve’s Beige Book came out Wednesday, in advance of the upcoming FOMC meeting, specifying economic activity grew slightly in 3 of the 12 districts, while 9 of the 12 reported flat or declining activity

03:32 – The Employment Situation summarized data for two key elements: the unemployment rate for August came in at 4.2%, down 0.1% from July. In addition, total non-farm payroll employment increased by 142,000 from the previous month, yet it was still below expectations and included downward revisions for the prior two months of 86,000

04:32 – Comments on the Employment Situation report and its mixed results as payrolls and unemployment data differed from expectations

07:04 – Based on the Employment Situation data, it seems without a doubt a 25-50 basis point rate cut will happen at this month’s Fed meeting

11:06 – Remarks on the energy market and its role in the equities market

16:52 - Final comments highlighting the recent Key Wealth National Call and where you can obtain the replay

Additional Resources

Key Questions: When the Fed Cuts Rates, Should Investors Cut Their Exposure to Stocks | 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 S&P CoreLogic Case-Shiller Home Price Index, PCE Inflation report, rate cuts, NVIDIA, and the upcoming Key Wealth National Call.

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

01:58 – S&P CoreLogic Case-Shiller Home Price Index hits all-time high in June

03:15 – The Personal Consumption Expenditures (PCE) Inflation data for July remained the same as June

04:37 – Comments on this week’s economic news and how we can conclude that inflation is cooling, and overall spending is gradually increasing

06:48 – Remarks on last week’s Jackson Hole Symposium, with Federal Reserve Chair Powell, and the rate cut forecast before the end of the year

10:17 – NVIDIA makes headlines once again, beating revenue and earnings expectations; however, the bulls and bears had mixed reactions

14:40 – Final comments highlighting the upcoming Key Wealth National Call Wednesday, September 4th at 1:00pm EST

Additional Resources

Key Questions: When the Fed Cuts Rates, Should Investors Cut Their Exposure to Stocks | Key Private Bank

Key Questions | Key Private Bank
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Economic & Market Research
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