This week’s discussion focused on the resurgence of inflation concerns as escalating tensions involving Iran and disruptions to global energy flows pushed oil prices toward $100 per barrel. The CIO team examines the implications for markets, including pressure on interest rates, renewed Fed tightening expectations, and a broad fixed-income selloff ahead of next week’s FOMC meeting. The conversation also explores growing investor scrutiny of AI infrastructure spending, with markets increasingly distinguishing between companies building AI capacity and those positioned to benefit from its adoption. The team provides guidance for investors in today’s dynamic 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 02:03 — Jobless claims fall to lowest level since 1969 02:57 — Iran conflict broadens and oil approaches $100 06:51 — Energy inventories tighten and AI spending concerns grow 12:09 — FOMC outlook, inflation risks, and September expectations 16:58 — Closing thoughts for investors Additional Resources Read: Key Questions: Are More ETFs Really Better for Investors? | Key Wealth Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

Oil, Inflation, and the Fed’s Next Move

Key Wealth Matters

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, July 24th, 2026. I'm Brian Pietrangelo, and welcome to the podcast. And over the next few days, we celebrate a couple different groups of people, in case you didn't know.

Today is the celebration of Amelia Earhart Day. Obviously, the day celebrates Amelia Earhart, who was the legendary aviator that celebrates her pioneering flights, her advocacy for women in aviation, and her enduring spirit of adventure and innovation. We often talk about human ingenuity on the podcast, and this is clearly an example of one.

And second, coming up on Monday of this next week, we've got National Korean War Veterans Armistice Day. It's not as often talked about relative to other wards, but the solemn day does commemorate the ceasefire that ended the active war in the Korean War, recognizing the immense sacrifices of the American troops. In addition, before my dad passed away recently, he actually was a Korean War veteran. So a little bit of a shout out to the Korean War veterans that are all out there.

Take some time to support veterans organizations. And 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. Rajeev Sharma, Head of Fixed Income. And Stephen Hoedt, Head of Equities. As a reminder, a lot of great content is available on key.com slash wealth insights, including our updates from our Wealth Institute on many different subjects,

Oil, Inflation, and the Fed’s Next Move

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Oil, Inflation, and the Fed’s Next Move

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.