Markets recalibrate as the Federal Reserve signals a more hawkish stance under new leadership, shifting expectations away from rate cuts and toward potential tightening. Inflation projections moved higher, reinforcing the Fed’s focus on price stability and reducing forward guidance as a policy tool. Fixed income markets reacted quickly, with front end yields rising and volatility expected to persist. In equities, leadership continues to broaden beyond mega cap names, with improving participation across sectors supporting a constructive backdrop, though near term consolidation and uneven returns remain likely through the summer. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 02:40 — Market overview with GDP, PCE and unemployment trends 04:05 — FOMC recap and introduction of new Fed Chair Kevin Warsh 06:20 — Inflation projections rise and policy expectations reset 12:30 — Reduced Fed communication and implications for volatility 15:00 — Equity market rotation beyond mega cap tech and earnings outlook Additional Resources Read Now: Trump Accounts: A New Tool for Building Optionality for Children Check Out: Key Questions: Is Artificial Intelligence (AI) a “Bubble”? Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

Fed Reset, Inflation Pressures and a Broader Market Story

Key Wealth Matters

# Full Transcript

**Podcast:** Key Wealth Matters

## Transcript

Welcome to the Key Wealth Matters Weekly Podcast, where we casually ramble on about important topics, including the markets, the economy, human ingenuity, and almost anything under the sun, giving you the keys to open doors in the world of investing. Today is Friday, June 26, 2026. I'm Brian Pietrangelo, and welcome to the podcast.

And if you're an avid listener, you know that we were off last week in observations of the Juneteenth holiday. In addition, that past week we also celebrated Father's Day. Happy Father's Day on a belated basis to all the fathers out there. I certainly enjoyed mine over the weekend.

Also back on Sunday, June 21, we celebrated the marking of summer, the new season, also known as the Summer Solstice. It represents the astronomical first day of summer in the Northern Hemisphere when the globe is tilted to the sun that creates the longest day in terms of sunlight during the day.

And also this past week we acknowledged the passing of two individuals that were both icons in their industry, one in the music industry and one in the financial services industry. And both are very interesting to me because I am in the financial services industry and I am a big fan of the music industry. And first we have the passing of Alan Greenspan, obviously well regarded as the former Fed Chair starting in 1987.

Again, well regarded, significantly influenced the policy during his tenure as Fed Chair and again passed at age 100. He's probably most known for his long and winding press conferences and his speeches at the Fed, but more importantly coined the phrase irrational exuberance back in the late 1990s when the market was roaring.

And second, Clive Davis, the music industry icon, died at 94 this past week and I am a big fan as well, not only because I'm a rock and roll fan, but Clive Davis obviously did significant work in bringing many artists to the table and to the forefront of the industry. Also well regarded and honored here in Cleveland in the Rock and Roll Hall of Fame.

In addition, I recently watched a documentary on Clive Davis and thought that the story was fairly compelling in terms of a resilient career and overcoming many different hurdles to get to where he was and finally again passing away at 94. So with that, I would like to introduce our panel of investing experts here to share their insights on this week's market activity and more. George Mateyo, Chief Investment Officer. Stephen Hoedt, Head of Equities.

And Rajiv Sharma, Head of Fixed Income. As a reminder, a lot of great content is available on key.com slash wealth insights, including updates from our Wealth Institute on many different subjects and especially our Key Questions article series addressing a relevant topic for investors. In addition, if you have any questions or need more information, please reach out to your financial advisor.

Taking a look at this week's market and economic activit...

Fed Reset, Inflation Pressures and a Broader Market Story

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Fed Reset, Inflation Pressures and a Broader Market Story

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.