RenMac breaks down a July inflation picture that isn&#x27;t cooperating — softer CPI, firmer PPI, and core PCE annualizing near 2.5% — and why the bond market is underpricing the risk of a September hike. The team also discusses slowing consumer spending after a weak retail sales print, a tape where the trend holds in the face of the momentum unwind and the Leopold rebound, the Credit Card Competition Act&#x27;s path onto the Clarity Act, AOC&#x27;s rise in the betting markets, and the week ahead in Fed minutes.

RenMac Off-Script: Total Eclipse of the Hike

RenMac

RenMac Off-Script originated as a weekly internal research meeting designed to summarize and discuss what happened in Washington, the markets, and the economic data over the past week. It was always intended to be and remains a free-flowing conversation with no discernible objective other than to extract the wisdom and opinion of our analysts and their expertise. This is a conversation among colleagues. Individual circumstances are unique and nuanced. Do not mistake these conversations for investment advice because it's not.

Here we go. All right. Welcome to RenMac Off-Script, where you openly discuss markets, economics, policy, history, and life. It is Friday, August 14th, 2026. I'm Steve Duttaenhofer, I'm Jeff deGraaf, I'm Neil Dutta, and I'm Steve Pavlick. 30 days until Giants-Cowboys football is here. Maybe that'll change Neil's body language on this podcast. He's going to get excited about the Giants. Well, for the first two weeks.

I'm going to say it right now. 10 wins this season. For who? The Giants. Let's go. All right. Yeah. Well, you know, 10's not what it used to be, you know, with the expanded schedule, right? Every time you had double digits, you're like, oh, yeah, I'm a... They're going, I think, at like six, maybe, in the betting markets. So, I'm both... Take the over. G-man.

You're going Knicks and Giants this year for the win? Is that right? A back... Can you even do that? I mean, it would be... I would shudder to think what would happen to New York City if the Giants, you know, go to the playoffs, do something. I mean, that would be... But, you know, Harbaugh. It's the Harbaugh magic. I mean, we'll see. I mean, that... By the way, music to my ears to hear you say the Harbaugh magic.

RenMac Off-Script: Total Eclipse of the Hike

Read the full transcript

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

RenMac Off-Script: Total Eclipse of the Hike

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.