Markets are navigating a complex mix of persistent inflation, steady growth, and evolving Fed leadership. Recent data shows elevated PCE inflation alongside a modest GDP revision, keeping policy expectations fluid. While rate cuts appear unlikely in the near term, the possibility of tighter policy remains on the table. Equity markets continue to reach new highs, though leadership has narrowed, raising questions about sustainability. Meanwhile, geopolitical developments and energy prices remain key inputs for investors assessing risk, positioning, and the durability of the current market backdrop. Continue the conversation at our upcoming Key Wealth National Call: 2026 Mid-Year CIO Update on June 9, 2026 at 1:00 PM ET. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 01:40 — Memorial Day recap and market setup for the week 03:05 — FOMC minutes and shift away from easing bias 05:00 — PCE inflation and GDP revision overview 09:30 — Fed outlook and rate path uncertainties 14:30 — Narrow equity leadership and market concentration risks Additional Resources Register Now: Key Wealth National Call: 2026 Mid-Year CIO Update Read: The ABCs of 529 Plans Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

The Rally Rolls On as Risks Start to Build

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, May 29th, 2026. I'm Brian Pietrangelo, and welcome to the podcast.

So thanks to our audience for rejoining us. If you're an avid listener, you know that we were off last Friday in observance of the Memorial Day and Memorial Day weekend. So again, it is our honor to take a moment of silence as we remember all of those that gave the ultimate sacrifice, all the men and women in the military over all of those years that really helped us be the United States of America and what we are today by giving their lives.

In addition, we would like to also honor the families of the fallen as it is a significant travesty for those families as they get through those difficult times, and it's our opportunity to help support them. Thank you for joining us in that moment of silence. Now, as we transition to some lighter topics for the past week, we've got the Indy 500 race was held. We've got the NBA playoffs and the NHL playoffs in full swing, getting closer to the championship series.

And then also today, interestingly enough, in the financial world, May 29th is 529 by the month and the date, and it marks the 529 day, which is Section 529 of the Internal Revenue Code, which allows for pre-tax and tax-free savings into college and high school educational opportunities. And I recall back earlier in my career in the late 1990s, almost 30 years ago, I recall when the 529 Act first came out,

and it's been a tremendous savings tool that has ability for parents and also grandparents and also other individuals to help those save for college education. With that, I would like to introduce our panel of investing experts today, here to share their insights on this week's market activity and more. George Mateyo, Chief Investment Officer, Stephen Hoedt, Head of Equities, and Rajeev 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 activity, we actually have two weeks to cover because we were off last week in observance of Memorial Day.

So we'll cover both weeks for you in three quick hitters, three from last week and three from this week. And starting with last week, first up, we received the Federal Open Market Committee many minutes from the April 29th meeting, which again had a significant discussion around removing the easing bias in Federal Reserve policy du...

The Rally Rolls On as Risks Start to Build

Transcript

Built for investment professionals

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

The Rally Rolls On as Risks Start to Build

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.