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Advisors on This Week’s Show Art Rothschild Kendall Bauer Kyle Tetting Tom Booth Engineered by Blake Miller Market Closings for the Week Nasdaq – 26973, up 629 points or 2.4% S&P 500 – 7580, up 107 points or 1.4% Dow Jones Industrial Average – 51032, up 453 points or 0.9% 10-year U.S. Treasury Note – 4.45%, down 0.11 point Another day, another week, more records on Wall Street.  With an abundance of economic data this week we have a lot to cover. Here’s some of the key topics and insights: -One could argue that stock prices are too high, but that doesn’t mean they can’t go higher – Volatility remains in oil markets, but oil prices likely higher for longer -Bond yields have climbed a bit -Per the FBI, the rate of internet crimes is climbing, likely due to AI -Trump Accounts are starting to become available and funding begins July 4, 2026

Advisors on This Week’s Show Kyle Tetting Dave Sandstrom John Sandstrom Engineered by Jason Scuglik Market Closings for the Week Nasdaq – 26344, up 119 points or 0.5% S&P 500 – 7473, up 65 points or 0.9% Dow Jones Industrial Average – 50580, up 1054 points or 2.1% 10-year U.S. Treasury Note – 4.56%, down 0.04 point A quick look into this week’s episode:  As earnings season nears its completion, markets will be set adrift again. The rising bond yields leave investors asking questions, but there are some benefits to higher interest rates. The ability to launch an ETF is not terribly costly now, and the record number of ETFs created in 2025 is creating concerns in the marketplace. And more! Listen below or wherever you find your favorite podcasts.

Advisors on This Week’s Show Adam Baley Kendall Bauer Steve Giles Engineered by Jason Scuglik Market Closings for the Week Nasdaq – 26225, down 22 points or 0.1% S&P 500 – 7409, up 10 points or 0.1% Dow Jones Industrial Average – 49526, down 83 points or 0.2% 10-year U.S. Treasury Note – 4.60%, up 0.23 point Inflation is soaring, and confidence remains fragile. With an abundance of economic data this week we have a lot to cover. Here’s some of the key numbers: -Consumer prices rose 3.8% year over year. Even stripping out volatile food and energy prices, core inflation rose 2.8%, which is well above our comfort zone. -Producer prices soared 6% year over year, driven by surging oil costs. Soaring producer prices renew inflation worries as businesses are likely to pass those higher costs on to consumers in the coming months. -Retail sales rose .5% last month, though largely driven by higher gasoline prices.  However, online shopping by consumers showed resilience. -industrial production and Business Inventories rose in April, both showing stability in consumer demand.

Advisors on This Week’s Show Kyle Tetting Kendall Bauer Engineered by Jason Scuglik Market Closings for the Week Nasdaq – 26247, up 1084 points or 4.3% S&P 500 – 7399, up 153 points or 2.1% Dow Jones Industrial Average – 49609, down 19 points or 0.0% 10-year U.S. Treasury Note – 4.36%, down 0.01 point Earnings Season and Investment Insights Investors remain focused on earnings and interest rates, with a marked shift in stock prices since the end of March reflecting increasing optimism about stocks more broadly. The S&P is experiencing one of its best earnings seasons in 20 years, with growth in the first quarter looking to exceed 28%. New investment tools in the Exchange Traded Fund space continue to emerge chasing a variety of investment themes, but challenges remain as investment expense and trend-chasing obscure what’s right with what’s possible. On the economic front, relative stability in the labor market belies broader concerns about the war and rising prices. The reminder remains: cautious balance remains a far more prudent path than trying to predict bursting bubbles.

Advisors on This Week’s Show Kyle Tetting Steve Giles Mike Hoelzl Engineered by Jason Scuglik Market Closings for the Week Nasdaq – 25119, up 282 points or 1.1% S&P 500 – 7232, up 67 points or 0.9% Dow Jones Industrial Average – 49513, up 283 points or 0.6% 10-year U.S. Treasury Note – 4.38%, up 0.07 point In this week’s episode, we break down a pivotal moment for the Federal Reserve and what it means for markets going forward. With Jay Powell presiding over his final meeting as Fed Chair—while signaling he’ll remain on the Board amid an ongoing DOJ probe—we unpack the historical significance of the moment and the policy decisions that came with it. Rates held steady at 3.5%–3.75%, offering investors a sense of stability, but rising disagreement within the Fed reveals a more complicated picture beneath the surface. Earnings season, meanwhile, is delivering both excitement and volatility. Standout performances from major names saw double-digit jumps following their reports. With trading volumes surging and sharp market reactions becoming the norm, investors are navigating a fast-moving landscape. We also tackle the growing conversation about U.S. debt, which has now surpassed 100% of GDP. While this milestone raises long-term concerns about fiscal sustainability, we explain why it doesn’t necessarily signal an imminent crisis. Finally, we round out the episode with key economic data releases. Consumer confidence showed modest improvement in April, with optimism in the labor market offsetting concerns about geopolitical tensions and rising gas prices. On the labor front, initial jobless claims dropped to their lowest level in over 50 years, reinforcing the strength of the job market and complicating the Fed’s fight against inflation. GDP growth came in at a solid 2.0% annualized rate for Q1, boosted in part by ongoing AI investment, while core PCE remains elevated around 3.2%, underscoring that inflation is still very much in play. As always – if you have any questions about what we’ve discussed this week, give your advisor a call at 414-223-1099!

Advisors on This Week’s Show Kyle Tetting Art Rothschild Adam Baley (with Joel Dresang, engineered by Jason Scuglik) Week in Review (April 20-24, 2026) Significant Economic Indicators & Reports Monday No major announcements Tuesday Retail sales rose 1.7% in March, driven by higher gas prices. The U.S. Census Bureau said 12 of 13 categories reported higher revenue than February. The exception was miscellaneous stores. Gas station sales jumped 15.5% in a month when prices rose 24%, according to the U.S. Energy Information Administration. Excluding gas stations and car dealers, retail spending increased 0.6%. Sales at bars and restaurants rose 0.1%, following a 0.5% gain in February and two months of declines. Adjusted for inflation, total retail sales rose 0.8%, the most in a year. Retail sales represent about two-thirds of U.S. consumer spending, which accounts for about 70% of the gross domestic product. Prospects for home sellers brightened slightly in March with a bump up in the pending home sales index from the National Association of Realtors. The trade group said its index rose 1.5% from February but was down 1.1% from the year before. It stood more than 26% below the 2001 index base, which the Realtors consider to be a normal sales level. The association said the monthly increase in contract signings amid rising mortgage interest rates suggested pent-up demand. It cited a lack of inventory, especially for young, first-time buyers. Among the top 50 metro areas in the country, the Realtors said the Milwaukee-Waukesha area had a 13.5% one-year gain in pending sales, second only to the Kansas City area, at 15%.  Wednesday No major announcements Thursday The four-week moving average for initial unemployment claims rose slightly for the third week in a row to remain 42% below its average since 1967. A Labor Department report suggested continued reluctance among employers to let workers go. Total jobless claims dropped 1.9% from the week before to 1.9 million, which was 2.9% below the same time in 2025. Friday Consumer sentiment declined 6.6% in April as the U.S.-Israeli war in Iran continued to weigh down expectations for personal finances and the broader economy. Sentiment overall was nearly 5% lower than in April 2025 and near its low levels in mid-2022, when inflation reached 40-year highs. According to the University of Michigan survey, consumers expect inflation to rise to 4.7% in the next year and to settle around 3.5% longer term. The latest Consumer Price Index showed inflation at 3.3% in March, well above the Federal Reserve’s long-term target of 2%. Market Closings for the Week Nasdaq – 24837, up 368 points or 1.5% S&P 500 – 7165, up 39 points or 0.5% Dow Jones Industrial Average – 49229, down 218 points or 0.4% 10-year U.S. Treasury Note – 4.31%, up 0.06 point

Advisors on This Week’s Show Kyle Tetting Dave Sandstrom John Sandstrom (with Max Hoelzl,Joel Dresang, engineered by Jason Scuglik) Week in Review (April 13-17, 2026) Significant Economic Indicators & Reports Monday Housing sales stayed “sluggish” in March amid the weakest market in more than 30 years, according to the National Association of Realtors. The annual sales rate dipped another 3.6% from February to 3.98 million, 1% lower than the year before. The trade group blamed elevated mortgage rates and continued lack of inventory. Another 300,000 to 500,000 houses would be needed in addition to the 1.4 million already for sale to reach the historic balance between supply and demand, the group said. The imbalance has resulted in price increases. The median sales price rose 1.6% from the year before to a record $408,880 in March. The Realtors estimated that rising prices have increased the typical homeowner’s wealth by $128,100 since 2000. Tuesday The Bureau of Labor Statistics reported that wholesale inflation rose 0.5% in March, as prices on goods increased while services were unchanged. An 8.5% jump in energy prices, including nearly 16% in gasoline, accounted for the bulk of the rise in the cost of goods. The Producer Price Index advanced 4% from the year before, the steepest increase in more than three years. Excluding volatile prices for food, energy and trade services, the core PPI rose 0.2% from February and was up 3.6% from the year before, the most since November. Wednesday No major announcements Thursday The four-week moving average for initial unemployment claims rose for the seond week in a row following five weeks of no increases. The indicator of employers’ willingness to let workers go remained 42% below the all-time average, dating to 1967, according to Labor Department data. Total claims for jobless benefits fell 4% from the week before to 1.9 million, which was 3% off from where it was the year before. Industrial production sank in March for the first time in four months as output from mines, utilities and manufacturing all declined. The Federal Reserve Board said overall production fell 0.5%, although it was up 2.4% through the first quarter and was 0.7% ahead of where it stood in March 2025. Factory production dropped 0.1% from February on broad declines led by automotive, which were partly offset by increased output from construction supplies as well as defense and space equipment. Industries’ capacity utilization rate fell slightly from February and stayed below its 54-year average, suggesting higher prices weren’t imminent. Friday No major announcements Market Closings for the Week Nasdaq – 24468, up 1566 points or 6.8% S&P 500 – 7126, up 309 points or 4.5% Dow Jones Industrial Average – 49448, up 1531 points or 3.2% 10-year U.S. Treasury Note – 4.25%, down 0.08 point

Advisors on This Week’s Show Kyle Tetting Steve Giles Kendall Bauer (with Jason Scuglik) Week in Review (April 6-10, 2026) Significant Economic Indicators & Reports Monday No major announcements Tuesday The Commerce Department signaled ongoing weakness in demand for long-lasting manufactured products as orders for durable goods declined in February for the third month in a row and the fourth time in five months. A drop-off in requests for aircraft led a 1.4% dip in orders for the month, though commercial aircraft orders boosted the year-to-year totals to an 8.1% increase. Excluding transportation equipment, orders rose 0.8% from January and were up 5.3% from February 2025. Core capital goods orders, considered a proxy for business investments, rose 0.6% for the month and increased 4.2% from the same time last year. The Federal Reserve reported that revolving credit debt outstanding rose at an annual rate of 0.6% in February. That was down from paces of 2.3% and 7.4% in the preceding months and suggests a rising reluctance among consumers to carry credit card debt. Revolving credit debt has declined 1.8% from its peak in October 2024. The report showed total consumer debt growing at an annual 2.2% pace, including a 2.8% rise in non-revolving credit, which includes student loans and vehicle financing. Wednesday No major announcements Thursday The four-week moving average for initial unemployment claims rose for the first time in six weeks but remained 42% below the long-term average. The measure is an ongoing indicator of employers’ reluctance to let go of workers. The Labor Department also reported that a little more than 2 million Americans claimed jobless benefits in the most recent week. That’s down 1.3% from the week before and down 2.3% from the same time last year. U.S. economic growth slowed more than previously reported at the end of 2025. The Bureau of Economic Analysts said gross domestic product rose at an annual pace of 0.5% in the fourth quarter, down from an earlier estimate of 0.7% and a pace of 4.4% in the third quarter. The bureau said lower investment accounted for most of the revision, although consumer spending also slowed, and government spending declined sharply — partly tied to the shutdown in October and November. The Bureau of Economic Analysis separately reported that consumer spending rose 0.5% in February. Meanwhile, personal income fell 0.1%, resulting in a drop in the personal savings rate. The same report showed the Federal Reserve Board’s favorite inflation gauge unchanged from January at 2.8%. The Fed’s long-term target for inflation broadly is 2%. Friday Higher energy prices led a surge in inflation in March. The Bureau of Labor Statistics reported that the Consumer Price Index, the broadest measure of inflation, rose 0.9% from February and 3.3% from the year before — the biggest one-year increase since May 2024. Energy costs increased 12.5% in the last year, including a 21.2% spike in gasoline prices just in March. Core inflation, excluding food and energy products, rose 0.3% from February and 2.6% from the year before. The war in Iran has taken a toll on Americans’ confidence in the economy and their financial outlooks. University of Michigan said its consumer sentiment index dropped 11% in March and was 9% below where it stood a year ago. The university said sentiment fell broadly across demographic groups. Expectations for inflation reached the highest levels since a year ago, when they shot up amid uncertainty over U.S. tariff policies. Market Closings for the Week Nasdaq – 22903, up 1024 points or 4.7% S&P 500 – 6817, up 234 points or 3.6% Dow Jones Industrial Average – 47917, up 1412 points or 3.0% 10-year U.S. Treasury Note – 4.32%, up 0.01 point

Advisors on This Week’s Show Kyle Tetting Art Rothschild Adam Baley (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) In a special episode of the Money Talk Podcast, advisors Kyle Tetting, Art Rothschild and Adam Baley review the first year since the U.S. escalated tariffs and global trade wars. They discuss corporate uncertainty and market volatility stirred by repeated shifts in tariffs, which have varied by country and remain in flux after the Supreme Court ruled that the justification for many of the changes was illegal. Kyle, Art and Adam related what the developments have meant so far to long-term investors and what that suggests for managing portfolios and expectations amid disruptive global events. Learn more Tracking the Impact of the Trump Tariffs & Trade War, from the Tax Foundation Market Reactions to Tariff Announcements, from the Federal Reserve Bank of San Francisco 2025 in rear-view: Lessons learned, by Kyle Tetting 2025 Investment Outlook Seminar, a Money Talk Video with Kyle Tetting Markets surprise. What should investors do? by Steve Giles War: Added uncertainty, need for balance, from Kyle Tetting War in Ukraine reminds us of role for bonds, from Kyle Tetting

Advisors on This Week’s Show Kyle Tetting Art Rothschild Adam Baley (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (March 23-27, 2026) Significant Economic Indicators & Reports Monday A drop in residential building in January led a slight decline in U.S. construction spending. The Commerce Department reported a 0.3% drop in overall building expenditures. Housing, which accounts for more than 40% of all construction spending, fell nearly 1%, while manufacturing — about 9% of expenditures — declined 2%. Compared to January 2025, overall construction spending rose 1%, with housing up 2% and manufacturing down 15%. Tuesday The Bureau of Labor Statistics revised fourth quarter worker productivity growth to a 1.8% annual rate from a previous estimate of 2.8%. Output weakened to a 1.5% pace from an earlier estimate of 2.6%. In both estimates, the number of hours worked dropped 0.2%. Year to year, productivity rose 2.1% from 2024 to 2025. That was on pace with the current business cycle, which started at the end of 2019. The all-time average since 1947 is 2.2%. Productivity in the previous cycle, which included the Great Recession, averaged 1.5%. Wednesday No major announcements Thursday The four-week moving average for initial unemployment claims fell for the fourth week in a row and the fifth time in six weeks. Data from the Labor Department shows the moving average down 42% from its historic average since 1967. The lack of layoffs suggests continued employer reluctance to let workers go in a tight job market. Total jobless claims dropped 1.9% from the week before to 2.1 million, which was 0.8% behind the same time in 2025. Friday Consumer sentiment declined nearly 6% in March as the U.S.-Israel war in Iran lowered outlooks while raising expectations for inflation. Sentiment was 6.5% lower than in March 2025. Consumer forecasts for inflation rose the most since the announcement of tariff increases last April. Economists see sentiment as an indication of consumer spending, which drives about 70% of U.S. economic activity. According to the University of Michigan survey, consumers expect effects from the war to be worse in the short run, but that’s subject to how long the war lasts and the impact of higher oil prices. About one-third of the survey came before the war began.    Market Closings for the Week Nasdaq – 20948, down 699 points or 3.2% S&P 500 – 6369, down 138 points or 2.1% Dow Jones Industrial Average – 45167, down 410 points or 0.9% 10-year U.S. Treasury Note – 4.44%, up 0.05 point