Podcast
What's Next For Markets
Hosted by Michael Kantrowitz · EN
When it comes to equity markets, there is a seller for every buyer. But how do you know which side of the trade to be on? Macro trends explain 70% of stock movements so understanding the macro backdrop is essential. Join Michael Kantrowitz, No. 1 ranked* Wall Street investment strategist, and the rest of the portfolio strategy & quantitative research team at Piper Sandler as they discuss current macro trends and what’s next for markets. Michael, Stephen, Emily, Joe and Dan have been working together for over 15 years. They pride themselves on their knowledge of financial market history while offering value added research and time-saving resources to their clients. The team utilizes the H.O.P.E. framework (Housing, Orders, Profits & Employment), a proven business cycle analysis to guide listeners through investment decisions and manage risk/reward in global equity markets. When they aren’t advising the best and brightest on Wall Street, they share bad taste in movies and good taste in cuisine. For more information on the podcast and the team visit whatsnextformarkets.com
32episodes
Episodes
Newest firstAll episodes
Why Our Rates Thesis Keeps Delivering
1w ago00:16:06Tap to summarizeIn this episode, we unpack the profound shift reshaping markets: the transition from a growth-driven framework to one dominated by interest rates and inflation anxiety. What began in late 2023 as a simple observation—that falling rates lift equities while rising rates pressure them—has evolved into a full-blown regime change with deep historical parallels. We explore why “bad news” like softer economic data can now be bullish, how decades-old correlations have flipped, and what this means for positioning across sectors. With affordability pressures, a bifurcated consumer, and a massive AI-driven earnings backdrop all in play, this conversation breaks down the signals that matter, the risks that could disrupt the trend, and why this new paradigm may be with investors for years to come.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →The Rate Squeeze
2w ago00:16:57Tap to summarizeInterest 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.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →The Vibepression Economy With Kevin Gordon Of Charles Schwab
3w ago00:33:42Tap to summarizeIn this episode, we’re joined by Kevin Gordon, Head of Macro Research and Strategy at Charles Schwab, to break down one of the most confusing market environments in years.Despite geopolitical tension, rising rates, and persistent inflation concerns, markets continue to push to new highs. Kevin shares what he’s hearing from investors across the country, from retail to institutional and why the gap between how people feel about the economy and what the data says may be the defining feature of this cycle.We dig into the idea of a “vibepression,” where sentiment remains deeply negative even as growth and employment hold up, and explore why affordability—not job loss—is today’s central economic pressure point. The conversation also tackles the growing concentration in markets, the dominance of mega-cap tech, and why investors may be overlooking opportunities beneath the surface.Kevin explains why diversification still matters, even in a world where a handful of stocks drive index returns, and how thinking in terms of themes—not sectors—can better capture where markets are headed. We also discuss whether today’s environment resembles past bubbles, how AI is reshaping both growth and inflation, and why interest rates—not earnings—may be the biggest risk to markets from here.Finally, Kevin shares his framework for separating “front-page risk” from what actually impacts markets, along with his outlook for the months ahead and the key signals investors should be watching.
Transcribe →Markets Defy Gravity: Rates Up, Stocks Higher
4w ago00:14:02Tap to summarizeIn this episode, Emily breaks down a week where stocks hit all-time highs even as interest rates and oil prices moved higher. So what’s really going on? The answer lies beneath the surface. Despite constant headline noise and investor skepticism, the underlying story is clear; this market rally is broader, stronger, and more fundamentally driven than many realize. The big question—can it continue?For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →Inside the Fed With Kurt Lewis: From Crisis Playbooks to What Comes Next
May 300:28:41Tap to summarizeIn this episode we sit down with Kurt Lewis, Head of Central Bank Policy at Piper Sandler and former Special Advisor to Fed Chair Jerome Powell.Kurt brings a rare insider perspective, having spent nearly two decades at the Federal Reserve, including during the global financial crisis, the COVID shock, and the recent inflation surge. From briefing policymakers to shaping conversations at the highest levels, he’s seen firsthand how the Fed responds when the stakes are highest.The conversation begins with Kurt’s unexpected entry into the Fed just before the 2008 crisis, where macro theory quickly gave way to real-time problem solving in financial markets. He shares what it was like inside the Fed and what those experiences taught him about risk, data, and decision-making.Looking ahead, the discussion turns to what may change in the next era of Fed leadership. From communication strategy and forward guidance to the future of the balance sheet and inflation framework, Kurt outlines where a new Chair could reshape policy and where institutional constraints make change much harder.This is a deep dive into how the Fed really works—and what it means for markets next.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →Strong Data, Weak Sentiment
Apr 2600:13:51Tap to summarizeFour months into the year, markets have been anything but quiet. Headlines around oil prices, geopolitics, and inflation anxiety continue to dominate the narrative, but beneath the noise, the data tells a very different story.In this episode, we break down why resilient economic data is quietly driving markets higher. From surging PMI readings to improving earnings breadth across small, mid, and large caps, the conversation highlights a major shift underway; this is no longer just a mega-cap tech story.The big takeaway: while markets may feel volatile on the surface, the underlying fundamentals are broadening and that could have major implications for portfolio positioning in the months ahead.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →Staying the Economic Course With Jake Oubina
Apr 1900:36:43Tap to summarizeIn this episode, we welcome back Jake Oubina, Managing Director and Deputy Head of Economic Research at Piper Sandler, for a wide-ranging discussion on the macro outlook. Despite geopolitical tensions, rising oil prices, and shifting sentiment, Jake has remained anchored to a 3% real GDP growth view. Together, we explore key risks ahead, including potential tariff re-escalation, shifting immigration dynamics, and how policy decisions could shape the second half of the year. The big takeaway: beneath the noise, the macro backdrop may be more resilient and even improving faster than many expect.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →Q 2026: From Goldilocks To Oil Shock
Apr 200:16:32Tap to summarizeIn this episode, we sit down with Emily Needell to unpack a truly remarkable start to 2026, one that may go down as one of the most eventful quarters in recent memory. What began as a near “Goldilocks” environment, with improving economic data, falling rates, and long-awaited market broadening quickly evolved into something far more complex. We explore three defining themes of the quarter: the early-year macro strength that fueled optimism around a broader market rally, the sharp unwind in mega-cap AI leaders that left many investors lagging behind despite improving breadth, and the sudden geopolitical shock from the Iran conflict that reshaped everything.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →Inflation Psychology And The Oil Shock
Mar 2900:15:32Tap to summarizeIn this episode, we shift the focus from oil headlines to the force quietly driving everything underneath: interest rates. Four weeks into the Iran conflict, markets remain locked on energy, but as Michael explains, it’s the surge in rates that’s doing the real damage. With the 10-year yield climbing, mortgage rates rising, and rate cuts rapidly priced out, financial conditions are tightening fast.We break down the powerful link between oil and rates, why this supply-driven inflation shock is reigniting volatility. Michael also explains why tin he post-2022 regime investors are hyper-focused on inflation and rate risk. With stocks and bonds increasingly moving together, traditional diversification is breaking down.Finally, we explore what history tells us about markets during inflation shocks, why oil spikes often precede economic slowdowns, and whether the recent resilience in economic data can last.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
Transcribe →Jan Stuart On Why The One-Variable Market Could Become Much Bigger
Mar 1600:27:13Tap to summarizeIn this episode, we sit down with Jan Stuart to unpack the escalating geopolitical crisis in the Middle East and why it could trigger a far broader global repricing across markets. Jan explains why the current disruption around the Strait of Hormuz is far more complex than an oil shock. While markets have largely treated the conflict as a one-variable story tied to crude prices, he argues the real risks lie deeper in global supply chains. We explore how disruptions could ripple through LNG markets, fertilizer supply, aluminum production, chemicals, and even semiconductor manufacturing, potentially creating waves of inflation across the global economy. Jan also outlines why reopening the strait may prove extremely difficult—and why the geopolitical incentives facing leaders like Donald Trump, Benjamin Netanyahu, and Iran’s leadership could make a quick resolution unlikely.For full disclosure information visit: http://www.pipersandler.com/researchdisclosures
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