Filmed on May 21st, 2026, Ryan Mumy and Justin Greenhill break down the most critical market trends affecting your portfolio. In this episode, they analyze:
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PPI rising on headline and core basis, with energy feeding through into other input costs
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Wages no longer outpacing inflation in aggregate, though the K-shaped economy complicates the picture
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AI CapEx from big tech contributed more to US GDP in 2025 than the entire US consumer
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DRAM chip demand continues to outpace supply, a key driver of Korean equity performance
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China's global export market share keeps growing despite tariffs, taking ground from Germany in particular
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US financial conditions remain loose despite inflation pickup
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S&P 500 earnings posted their best non-crisis recovery period in roughly two decades
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Semiconductor valuations historically elevated, with the bull case tied to a national security-driven AI buildout
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Market breadth has narrowed again, with a small number of companies driving most year-to-date gains
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Fed rate cut expectations have reversed, with market pricing now reflecting the possibility of hikes
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Long-end yields rising in the US, UK, and Japan, with bonds structurally underowned relative to stocks
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MOVE Index well above the VIX, an unusual divergence between bond and equity volatility
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Truflation showing significantly less inflationary pressure than official CPI
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Oil's year-to-date move is one of the sharpest on record going back to 1986
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Brazil election dynamics shifting after a banking scandal, but foreign capital inflows continuing on high real rates
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Gold pulling back to prior highs, a level that would now act as technical support if it holds
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