This week’s discussion focuses on the Federal Reserve’s latest meeting, persistent inflation pressures, and what a more data dependent policy approach could mean for investors. The team reviews second quarter GDP growth, June PCE inflation, and the market reaction to Fed Chair Kevin Warsh’s comments. The conversation also explores strong earnings results, improving market breadth beyond mega cap technology, and portfolio positioning opportunities across financials, healthcare, and other cyclical sectors. The key takeaway is that diversification remains essential as investors navigate shifting policy signals, earnings strength, and an economy that continues to expand despite lingering inflation concerns. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 02:05 — GDP growth and June PCE inflation review 04:16 — FOMC recap and Warsh&#x27;s inflation focus 09:19 — Bond market reaction and yield curve steepening 12:36 — Earnings season, valuations, and market breadth 19:16 — Diversification and portfolio positioning outlook Additional Resources Read: Key Wealth Investment Brief – FOMC Update Read: Key Questions: Are More ETFs Really Better for Investors? Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

Sounds of Silence: What the Fed Isn’t Saying Matters Most

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 31st, 2026. I'm Brian Pietrangelo, and welcome to the podcast.

And if you are a music fan, you might take note, there may or may not be tickets available to the annual festival known as Lollapalooza in Chicago over this weekend for four days. The Chicago edition of this festival includes more than 170 bands on eight stages during four full days of music, founded back in 1991.

Organizers of the festival try to deliver meaningful engagement programs and create positive impacts in the city year-round and from the festival. 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, Rajiv 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 updates from our Wealth Institute on many different subjects, and especially our Key Questions article series addressing a relevant topic for investors. We also publish our Federal Open Market Committee recap article after the Fed meets every time, including this week, so check that article out as well. 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've got three economic releases to share with you this morning. Starting off first with the initial weekly unemployment claims continue to be very favorable, just under 200,000 for the prior week,...

Sounds of Silence: What the Fed Isn’t Saying Matters Most

Read the full transcript

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

Sounds of Silence: What the Fed Isn’t Saying Matters Most

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.