A steady, broadening market week: breadth improved beyond the mega‑caps, volatility’s blip faded, and PCE inflation continues to run at a pace consistent with the Fed’s target while stale data keeps focus on next week’s FOMC meeting. We also discuss the bond markets, Fed independence and the next Fed Chair. We wrap with a quick policy roundtable—credit‑card APR caps, potential GSE MBS buying, and housing supply signals—and what it could mean for portfolios.

Brian Pietrangelo, Managing Director of Investment Strategy

Rajeev Sharma, Head of Fixed Income

Stephen Hoedt, Head of Equities

00:02:06 — This week’s macro: initial unemployment claims steady; 3Q25 GDP revised up to 4.4%; PCE inflation trend; FOMC ahead.

00:07:37 — Breadth & sector rotation; healthcare strength vs. tech consolidation; index context near the 50‑day.

00:16:28 — Policy roundtable kicks off: proposed 10% credit‑card APR cap—bank and $70B card ABS implications.

00:20:03 — GSE MBS buying discussion: potential mortgage‑rate effects and signaling on growth/deregulation.

00:24:29 — Wrap up & disclosures; where to follow up with your advisor.