Markets with Megan: A Quick Financial Markets Update
Markets with Megan is a bite-sized financial markets podcast hosted by Megan Horneman, the CIO of Verdence Capital Advisors. It provides experienced analysis and in-depth insights that go beyond daily headlines to unravel the economy's intricacies and indicators. The podcast aims to empower listeners with knowledge about financial markets one fact at a time.
Episodes
Supply Chain Stress Is Back in Services | S3 E172 | 10-05-26
The September ISM Services Report showed the service sector, where Americans spend most of their money, ending the third quarter on a softer note. Megan Horneman explains why business activity and new orders slipped while the prices paid component jumped to its highest level since July 2022.Supply chain pressure tied to the war with Iran, along with tariffs and high fuel costs, is showing up in in
29,000 Jobs: Is the Fed Off the Hook? | S3 E171 | 10-02-26
The September jobs report came in much weaker than expected, and it could change the Federal Reserve’s next move.The U.S. economy added just 29,000 jobs in September, while the prior two months were revised lower by roughly 60,000 jobs. Unemployment ticked up to 4.2%, labor force participation increased, and wage growth came in around 3% year over year.So what does all of this mean for interest ra
Did 3 Reports Just Change Fed Plans? | S3 E170 | 10-01-26
The Fed is getting mixed signals.This week’s economic data showed a cooling labor market, stubborn inflation, and renewed price pressures in manufacturing, all while the odds of an October rate hike have fallen sharply.In this episode of Markets with Megan, Megan Horneman breaks down the latest JOLTS report, PCE inflation, ISM manufacturing data, and what they could mean for the Fed’s next move.Co
AI Spending Is Booming. Will the Fed Raise Rates?
AI-related capital spending continues to support the U.S. economy, and the latest durable goods report reveals surprising strength beneath the headline numbers. But could stronger economic growth give the Federal Reserve another reason to raise interest rates?In today's Markets with Megan, Verdence Capital Advisors CIO Megan Horneman reviews August's durable goods orders, the surge in bu
Retail Sales Rebound | S3 E168 | 09-16-26
Retail sales just flipped the script: after a weak July, August comes in with a sharp rebound, and the details matter if you care about where the U.S. economy is headed. We walk through the August retail sales report and why a 1.2% monthly gain grabs market attention, especially with gasoline station sales up 3.1% and “core” spending measures also showing strength. If you’ve been wondering whether
Fed Hike Odds Jump After CPI | S3 E167 | 09-11-26
Inflation came in hotter than expected, and the latest CPI report may have strengthened the case for a Fed rate hike next week.In this episode of Markets with Megan, Megan Horneman dissects the latest inflation data, including rising energy costs, hotter core CPI, and continued pressure on American households. She also explains why markets are rallying even as the odds of a Fed hike rise, and what
PPI Report Builds Case For Rate Hike | S3 E166 | 09-10-26
Inflation came in as expected. The problem? “As expected” is still too hot. The latest Producer Price Index showed inflation pressures continuing to build:📈 Headline PPI: +5.4% year over year📈 PPI excluding food, energy and trade: +4.7%✈️ Airline prices: nearly +20% year over year⚖️ Legal services: about +8%🏥 Hospital inpatient care: +4.3%Those details matter because several feed into the Fed’s pr
162,000 Jobs Added: What It Means for the Fed | S3 E165 | 09-04-26
The August jobs report landed well above expectations, and it's the last one the Fed will see before its September meeting. The U.S. economy added 162,000 jobs last month against a forecast of just 55,000, with construction, AI-related hiring, and government payrolls all contributing. Megan Horneman breaks down what a beat this size means for interest rate policy.Wages grew three-tenths of a
Service Sector Warning: Prices Are Back | S3 E164 | 09-03-26
The ISM Services Index ticked up in August, and the report's prices paid component jumped to its highest level since August 2022, back when the economy was still digging out of the post-pandemic inflation spike. Megan breaks down what's behind the rise in service sector activity and why the pricing data is worth watching heading into the Fed's next move.In this episode, Megan covers
The Fed's New Focus: Prices Over Jobs | S3 E163 | 08-28-26
Federal Reserve Chairman Warsh delivered a notably hawkish speech at this year's Jackson Hole Economic Symposium, and it has real implications for where interest rates go next. Hear what he said about inflation, the labor market, and why the Fed isn't backing off even after a few better-than-expected readings this summer.Inflation has stayed above the Fed's 2% target for more than f
This Inflation Report Puts Pressure on the Fed | S3 E162 | 08-26-26
The July PCE inflation report came in hotter than expected, with the Fed's preferred inflation gauge rising 0.2% month over month against a forecast of just 0.1%. Core PCE now sits at 3.3% year over year, unchanged from the prior month but still well above the Fed's 2% target. Megan breaks down what the data actually shows beneath the headlines.This matters because the Fed chairman speak
Why Are We Watching the Fed | S3 E161 | 08-19-26
The Federal Reserve released the minutes from its July meeting, and Megan breaks down what they actually reveal about the committee's thinking heading into September. The minutes show risks to employment and growth skewed to the downside, while inflation risk is still seen as tilted to the upside, even with a general upbeat tone on the economy overall.A few committee members already favored r
Retail Sales Miss, Confidence Drops Too | S3 E160 | 08-14-26
Today's data on the consumer wasn't good. July retail sales fell 0.3%, missing expectations for a 0.2% gain, following a decline the month before. Megan Horneman breaks down what's behind the pullback and why the control group number, which feeds directly into GDP, matters even more than the headline.In this episode:- Why July retail sales fell 0.3% instead of rising as expected- Wh
Markets Rally on CPI, Megan Isn't Sold | S3 E159 | 08-12-26
July's Consumer Price Index is in, and markets are cheering. Headline CPI rose 0.1% for the month and 3.5% year-over-year, while core CPI came in at 0.2% monthly and 2.5% annually. Both numbers landed right where economists expected, and both ticked slightly lower than June. But as Megan explains, "as expected" isn't the same as "good news."In this episode, Megan cove
Does Small Business Data Hint at a Fed Shift? | S3 E158 | 08-11-26
The July NFIB Small Business Optimism Index just came in better than expected and it's now at its highest level since August 2025. Understand why this report matters, especially since small businesses make up nearly half of the private sector labor force.Underneath the headline number, the details tell an interesting story. Job openings, hiring plans, and capital expenditure intentions all ju
Wages Grow 3.2%. But Is That Enough? | S3 E157 | 08-07-26
The July jobs report landed with a surprise this morning, and it wasn't the good kind. Economists expected the U.S. economy to add 80,000 jobs. Instead, it lost 23,000, and the prior two months were revised lower. Megan breaks down what happened underneath that headline number and what it means for the Fed's next move.Here's the part that confuses a lot of people: the unemployment r
Supply Chains Behave While Prices Misbehave | S3 E156 | 08-05-26
The July ISM Services report is in, and it's giving the Fed a mixed signal ahead of its September rate decision. Megan Horneman breaks down why the headline number came in slightly below expectations, what eased supply chain pressures actually tell us, and why the prices paid component just jumped back above 70 for the fourth time in five months.At the same time, the employment component fell
The 9.2% Number Hiding Inside Retail Sales | S3 E155 | 07-17-26
June retail sales came in close to expectations, with headline growth slowing to 0.2% as gasoline station sales pulled the number down. But strip out food, energy and building materials, and the control group grew 0.5% on the month and is running at a 9.2% annualized pace over the past three months. Megan breaks down what that split actually tells us about the consumer.In this episode, Megan cover
Biggest PPI Drop Since 2023 | S3 E154 | 07-15-26
The Producer Price Index for June came in much better than expected, with the headline number falling 0.3% instead of holding flat, the biggest monthly decline since October 2023. So what drove the drop? How does it compare to yesterday's CPI report? Why does the softer core reading still leave the Fed with a decision to make?This matters right now because the Fed is weighing whether to hold
CPI Surprise: Inflation Drops 0.4% | S3 E153 | 07-14-26
This week's June CPI report brought a surprise most analysts did not expect. Headline inflation fell 0.4% on a month over month basis, driven almost entirely by a sharp drop in energy and commodity prices. On a year over year basis, headline inflation is still running at 3.5%, but that's down meaningfully from 4.2% a year ago.The timing matters. The Fed's new chairman is testifying
5 Questions Driving Markets This Summer | S3 E152 | 06-22-26
With markets hitting record highs and a tentative U.S.-Iran ceasefire in place, investors are sitting with a lot of open questions heading into the second half of 2026. In this episode, Megan Horneman works through the five questions she's hearing most from investors right now, from energy prices to Fed policy to what Q2 earnings season might reveal.- What the U.S.-Iran interim ceasefire mean
The Kevin Warsh Era Has Begun | S3 E151 | 06-17-26
The Fed didn’t raise rates, but the meeting still packed a punch and markets felt it immediately. We break down the first decision under new Federal Reserve Chair Kevin Warsh and why a “no change” outcome can still read as hawkish when the inflation outlook shifts and the Fed changes how it communicates. If you care about interest rates, inflation, bond yields, and what gets priced into markets ne
5.1% Producer Inflation: Should You Be Worried? | S3 E150 | 06-11-26
The producer price index for May came in at a monthly gain of 0.8% when stripping out food, energy, and trade, the fastest pace at that level since 2022. On a year-over-year basis, producer prices are up 5.1%. Megan Horneman breaks down what the numbers actually mean and why they matter beyond the headlines.In this episode, Megan covers:- Why the core PPI reading of 0.8% month-over-month is the nu
Rising Prices, Falling Paychecks | S3 E149 | 06-10-26
Inflation moved higher again in May, and the latest Consumer Price Index (CPI) report shows prices are drifting further away from the Federal Reserve's 2% target.In this episode of Markets with Megan, CIO Megan Horneman discusses the latest inflation data, including rising energy costs, sticky services inflation, higher food and travel prices, and why real wages have slipped back into negativ
Running on Empty: Inflation & Consumers | S3 E148 | 05-28-26
Inflation pressures are continuing to build, consumers are feeling squeezed, and the Federal Reserve may be forced to stay higher for longer.In today’s episode of Markets with Megan, Megan lays out a massive day of economic data covering housing, inflation, consumer spending, GDP, and what it all means for markets and interest rates.🏠 Topics Megan Covers:• New home sales fell sharply across most r
Fed Minutes: Rate Hike Is Back on the Table | S3 E147 | 05-20-26
The Federal Reserve's April meeting minutes, released today, show a committee growing more uncomfortable with inflation. The language shifted from "somewhat elevated" to simply "elevated," and three members pushed to signal that the next rate move could be a hike, not a cut.This matters for anyone watching their portfolio right now. The market has already adjusted, pricing
Is Retail Data Misleading Investors? | S3 E146 | 05-14-26
April's retail sales report came in roughly as expected, but the headline number doesn't tell the whole story. Megan Horneman breaks down what the data actually shows, why the core control group figure matters more than the top line, and why some of that consumer spending may reflect higher prices rather than higher volume.If you've been watching inflation reports closely, the retai
The Numbers Look Fine Until You Read Them | S2 E345 | 05-12-26
That CPI headline might look “close enough,” but when we slow down and read the report like investors do, it’s hard to call April a win. We walk through why a 0.6% monthly jump in headline inflation and a 0.4% rise in core inflation point to renewed price pressure, not a smooth glide back to normal. If you care about the stock market, bond yields, mortgage rates, or your grocery bill, this breakdo
Hiring Gains, Confidence Pains | S3 E144 | 05-08-26
The U.S. job market is showing renewed momentum, with the economy adding 115,000 jobs and posting the strongest two-month stretch of job gains since 2024. But beneath the surface, there are still signs to watch — including weaker labor force participation, rising underemployment, and consumer confidence hitting another record low.In this episode of Markets with Megan, Megan Horneman breaks down wh
Fed Day Fallout | S3 E 143 | 04-29-26
The Federal Reserve held interest rates steady, but the tone of today’s meeting was more hawkish than markets expected.In this episode of Markets with Megan, Megan breaks down the latest Fed decision, the notable dissent within the committee, and why small wording changes in the Fed statement can have a big impact on markets. She also discusses rising energy prices, inflation concerns, higher bond
Is Market Mood Just Middle East Relief? | S3 E 142 | 04-28-26
The Conference Board's Consumer Confidence Index for April came in better than expected, and it tells a notably different story from last week's near-record-low University of Michigan Consumer Sentiment reading. Megan breaks down what the numbers actually show and why the gap between these two indexes matters for investors watching consumer health.The most striking detail: optimism aroun
Downgrade Parade: Conflict Is Hitting the Forecasts | S3 E141 | 04-27-26
The global economic outlook is starting to shift as the ongoing Middle East conflict and continued disruption in the Strait of Hormuz raise concerns about slower growth and higher inflation.In this episode of Markets with Megan, Megan Horneman takes a look at the latest economic downgrades from major global agencies, including the IMF, the United Nations Economic and Social Commission for Asia and
U.S. Shoppers Ignore the Noise | S3 E140 | 04-22-26
The U.S. consumer continues to show surprising strength. In today’s Markets with Megan, Megan Horneman breaks down the March retail sales report and explains why consumer spending came in much stronger than expected. Headline retail sales rose 1.7% in March, marking the biggest monthly increase in a year, while core measures also pointed to broad-based strength.Megan walks through what was driving
Supply Chain Shock In Manufacturing | S2 E139 | 04-16-2026
A geopolitical shock doesn’t stay on the map, it shows up in the data. Today we walk through fresh manufacturing and business activity numbers that hint the war with Iran is starting to ripple into the US economy, especially through supply chain disruptions and rising input costs. If you track markets, inflation, or economic growth, these small releases can be the early signal before bigger indica
Housing Feels the Middle East Fallout | S3 E 138 | 04-15-26
The housing market is starting to show signs of stress again.In today’s Markets with Megan, Verdenec CIO Megan Horneman dissects the latest housing data and explains how rising mortgage rates, higher material costs, and Middle East conflict concerns are beginning to weigh on both builders and buyers.Get insights on:• The sharp drop in home builder confidence in April• Why mortgage rates have climb
Pre-War Inflation Was Heating Up | S3 E137 | 04-09-26
Was inflation already becoming a bigger problem before the war with Iran? In today’s Markets with Megan, Megan Horneman breaks down the latest personal income, spending, and core PCE inflation data to show what the economy looked like before the latest geopolitical shock hit energy markets.The takeaway: inflation was already proving sticky, and consumers were already feeling the squeeze.In this ep
Ceasefire Rally - Reality Check? | S3 E136 | 04-08-26
Markets surged on April 8 as investors reacted to news of a temporary two-week ceasefire between the U.S. and Iran. Oil prices plunged, yields moved lower, and inflation expectations eased — fueling a powerful relief rally in equities.In this episode of Markets with Megan, Megan Horneman explains what’s really driving the move and why caution is still warranted. While the market is celebrating a p
Strait Of Hormuz Shockwaves | S3 E135 | 04-06-26
We’re starting to see economic data reflect the impact of the war with Iran.In today’s Markets with Megan, Megan Horneman gives insight into how March data is beginning to show signs of supply chain stress, rising inflation pressure, and growing market uncertainty.She explains why investors are focused not only on oil moving through the Strait of Hormuz, but also on other critical goods like heliu
A Brutal Whipsaw Start to 2026 | S3 E134 | 04-01-26
The first quarter of 2026 was a difficult one for investors.In this episode of Markets with Megan, Megan Horneman recaps a volatile start to the year as markets reacted to war in the Middle East, surging energy prices, private credit fears, rising inflation expectations, and hawkish central bank rhetoric. She also explains why stocks rebounded at the very end of the quarter—and why caution may sti
Retail and Manufacturing Rebound? | S3 E133 | 04-01-26
The latest economic data showed two relative bright spots in the economy: consumer spending and manufacturing.In this episode of Markets with Megan, Megan Horneman breaks down stronger-than-expected February retail sales, improving March ISM manufacturing data, and why inflation pressures may still keep the Federal Reserve on hold.Watch for insights on:- Consumer spending trends- Core retail sales
Hot to Not: Did the Job Market Shift? | S3 E132 | 03-31-26
Markets are reacting to another shift in labor market data, as signs of weakening demand for workers begin to emerge.In this episode of Markets with Megan, Verdence CIO Megan Horneman breaks down the latest JOLTS (Job Openings and Labor Turnover Survey) report, which showed a sharp decline in job openings, the largest drop in 17 months. The data signals a cooling labor market, with 358,000 fewer o
Nasdaq Enters Correction? What’s Next? | S3 E131 | 03-27-26
Markets closed out the week under pressure as weakening consumer sentiment added another layer of concern to an already volatile environment.In this episode of Markets with Megan, Verdence CIO Megan Horneman breaks down the latest University of Michigan Consumer Sentiment Survey, which showed confidence falling to a three-month low. Both current conditions and future expectations declined, with fo
1.3% Inflation Jump, Markets Don’t Care? | S3 E130 | 03-25-26
Inflation may not be making headlines today, but new data suggests underlying price pressures are quietly building.In today’s episode of Markets with Megan, hear the latest import and export price data and why this often-overlooked inflation report could signal renewed pressure ahead, even before the full impact of the Iran conflict is felt.📊 Topics Megan Covers:• Import prices surged 1.3% in Febr
From Cuts to Hikes? Markets Reprice Fast | S3 E129 | 03-19-26
Markets are facing renewed pressure as rising energy prices collide with a more hawkish tone from central banks around the world.In this episode of Markets with Megan, Verdence CIO Megan Horneman explains how persistent oil prices near $100 per barrel are beginning to shift the narrative, not just for markets, but for central bank policy. What started as a geopolitical shock is now evolving into a
2.5% Core Inflation: Victory or False Alarm? | S3 E128 | 03-11-26
The latest inflation report came in right on expectations, but the underlying data tells a more complicated story.In today’s episode of Markets with Megan, Megan disects the February Consumer Price Index (CPI) report and what it means for inflation, interest rates, and the Federal Reserve.🚨 Topics Megan Covers:• Headline inflation rises 2.4% year-over-year• Core inflation comes in at 2.5% year-ove
Oil Above $100 — Why Markets Are Nervous | S3 E127 | 03-09-26
Markets remain under pressure as geopolitical tensions in the Middle East continue to escalate, with a critical global energy chokepoint now at the center of investor concern.In this episode Verdence CIO Megan Horneman explains why the Strait of Hormuz has become the market’s primary focus. The strategic waterway carries roughly 20% of the world’s seaborne oil supply, and with tanker traffic curre
Rattled Stocks? Rising Oil and Weak Jobs Report | S3 E126 | 03-06-26
Markets faced another wave of volatility today as a weak February jobs report collided with rising geopolitical tensions and surging energy prices.In this episode of Markets with Megan, Verdence CIO Megan Horneman breaks down the latest labor market data showing the U.S. economy lost 92,000 jobs in February, while the unemployment rate rose to 4.4%. Although the report raised concerns about labor
IMPACT REPORT Oil, Inflation, & War: What Changes Now? | S3 E125 | 03-03-26
Markets turned sharply volatile as the Middle East conflict entered its fourth day, expanding beyond initial strikes and raising fears of prolonged disruption in the Strait of Hormuz.In today’s special Impact Report on Markets with Megan, hear what escalating geopolitical tensions mean for oil prices, inflation expectations, Federal Reserve policy, and global markets.🚨 Topics Megan Covers:• Crude
Iran Strike After 6% Oil Spike: Inflation Rise Risk | S3 E124 | 03-02-26
Geopolitical tensions escalated over the weekend as the United States and Israel launched coordinated strikes on Iran, and markets reacted immediately.In today’s episode of Markets with Megan, CIO Megan Horneman discusses what this expanding Middle East conflict means for oil prices, inflation, interest rates, and global markets.🚨 Market Reaction:- Oil prices surged 6%, reaching their highest leve
Warning Signs? 3% Inflation and Weak Growth | S3 E123 | 02-20-26
The latest economic data is sending mixed — and potentially troubling — signals.In today’s episode of Markets with Megan, Megan reveals the newest U.S. GDP report and inflation data, and why markets are watching closely.🚨 The Headlines:Q4 GDP came in at just 1.4%, far below expectations of 2.8%Core inflation rose back to 3% year-over-yearShort-term core trends accelerated to 3.1%Durable goods infl
Good Data, Bad News for Stocks? | S3 E122 | 02-18-26
Markets love a good data day—until the Fed has the last word. We open with a clear read on the economy’s engine room: core durable goods rose for the sixth straight month, even as the aircraft-heavy headline slipped. Under the hood, momentum clustered in AI-adjacent categories like computers, electronics, and electrical equipment, with machinery and metals showing double‑digit year‑over‑year gains
Unexpected Resilience in the Labor Market? | S3 E121 | 02-11-26
The labor market just surprised investors and it may change the Federal Reserve narrative.In today’s episode of Markets with Megan, Megan Horneman breaks down the delayed January Non-Farm Payrolls report, which showed the U.S. economy added 130,000 jobs, beating expectations and signaling more resilience than many anticipated.Despite prior concerns about weakening job openings and rising layoffs,
6 Forces Behind Today’s Market Volatility | S3 E120 | 02-10-26
Markets are off to a volatile and unstable start in 2026 —but why?In today’s Markets with Megan, Megan Horneman walks through the six key forces driving market volatility, explaining how economic data, policy uncertainty, and shifting investor behavior are colliding across asset classes.What 6 forces are shaking the markets?1️⃣ A weakening labor marketJob openings have fallen to their lowest level
Are We Past “Strong” Jobs Data Now? | S3 E119 | 02-05-26
Markets reacted negatively to today’s economic data — and the labor market was at the center of the concern.In this episode of Markets with Megan, Megan Horneman breaks down the latest U.S. labor market data, including the JOLTS report, Challenger job cuts, and weekly jobless claims, and explains why markets didn’t like what they saw.Job openings fell to 6.5 million, the lowest level since Septemb
Manufacturing Surged… Now What? | S3 E118 | 02-04-26
Some encouraging economic data gave markets something to digest today — even as volatility stayed front and center.In this episode of Markets with Megan, Verdence CIO Megan Horneman breaks down the latest Purchasing Managers Index (PMI) data for both manufacturing and services, highlighting a surprising jump in manufacturing activity. January marked the largest monthly increase since June 2020, pu
Did January Really Predict the Rest of 2026? | S3 E117 | 02-03-26
January is often seen as a roadmap for the rest of the year — and the markets may already be sending signals for 2026. In today’s episode of Markets with Megan, Megan Horneman breaks down how stocks, bonds, commodities, and the economy performed in January and what investors should take away from it.We dive into the historical “January Effect” and why a positive January has historically led to pos
The Fed Signals Stability in Jobs and Growth | S3 E116 | 01-28-2026
No fireworks at the Fed, but the subtext speaks volumes. We break down why the Committee kept rates unchanged, what the two dovish dissents tell us, and how Powell’s hawkish tone reframed the path for growth, inflation, and any hope for early rate cuts. From the official statement to the press conference, we translate the signals: employment risks down, inflation still elevated, and an economy des
Consumers Just Sent a Warning, and Markets Heard it | S3 E115 | 01-27-2026
A jolt in consumer sentiment just reset the market’s mood. We break down why confidence slid to its lowest level since 2014, what the expectations index is signaling about the next six months, and how the “jobs plentiful vs hard to get” gauge can foreshadow shifts in hiring, wages, and spending. Rather than noise, these readings offer a practical map for understanding where demand, margins, and eq
Consumers Feel Great, Their Savings Do Not | S3 E114 | 01-23-2026
Markets rarely move on one number, and this week offered a full mosaic. We break down a stronger third estimate for Q3 GDP, why equipment and intellectual property investment matter more than headlines suggest, and how net exports turned from a drag into a modest lift. Then we pivot to the Fed’s preferred inflation gauge—core PCE at 2.7 percent year over year—where progress is real but the finish
Geopolitics, Bond Yields, and a Market Reality Check | S3 E113 | 01-21-26
Markets don’t need a heavy data week to make big moves. We open with a sharp risk-off swing sparked by a jump in Japan’s 10-year yield to heights not seen since 1999, then trace how that shock rippled through Treasuries, equity multiples, and the dollar. From there, we unpack why long-duration growth names led the slide, why small caps fell less, and how a thin economic calendar let geopolitics ta
Inflation, Spending & a Fed on Edge | S3 E112 | 01-14-26
Headlines say inflation is coming down — but is it really?Verdence CIO Megan Horneman challenges the popular inflation narrative by breaking down the latest CPI (Consumer Price Index) and PPI (Producer Price Index) reports.While headline inflation numbers appear to show improvement, core inflation remains above the Fed’s target, and the areas consumers feel most — food, housing, utilities, healthc
2025 Recap: A Strange Year That Paid Off | S3 E111 | 01-05-26
Welcome to 2026. We’re kicking off the year by unpacking one of the most surprising market environments in recent history.In this episode of Markets with Megan, Megan Horneman recaps 2025, a year marked by economic headwinds, weak job growth, stubborn inflation, and global uncertainty, yet one that still delivered strong returns across equities, bonds, and commodities.Despite muted job creation a
Our 12 Days of Christmas Wishlist for Markets | S2 E 110 | 12-22-25
As we wrap up the year, we’re trading headlines for holiday wishes. 🎄In this special year-end episode of Markets with Megan, Megan Horneman shares her “12 Days of Christmas” market wish list for 2026. It's a mix of realistic hopes, long shots, and conversation-starting ideas you can take straight to the holiday dinner table.From interest rates and inflation to global markets, housing, earning
Inflation Drops, Doubts Rise | S2 E109 | 12-18-25
Inflation finally delivered some encouraging signals — but the details matter.Megan Horneman breaks down the November CPI report, which showed inflation continuing to cool on a year-over-year basis, even as data disruptions and missing monthly readings complicate the picture.Headline CPI rose 2.7% year-over-year, while core inflation came in at 2.6%. Food prices, energy services, shelter, and medi
Inside October Retail: Weak Headline, Strong Core | S2 E107 | 12-17-25
We unpack October retail sales: a flat headline hides a stronger 0.8% rise in core spending while restaurants and autos slip. We explain what a tepid consumer means for Q4 growth, markets, and the odds of early Fed rate cuts and tax relief next year.• government data returns and date context• headline retail sales flat at 0.0%• gas, health and personal care, and building materials decline• core co
What Slowing Job Growth Means For The Economy | S2 E106 | 12-17-25
A cooling jobs market doesn’t always scream crisis. Sometimes it whispers caution. We unpack why October turned negative, how November’s modest gain still dragged the 12‑month job count to its slowest since March 2021, and what a 4.6 percent unemployment rate signals about momentum heading into the new year. Our goal: make sense of the labor data flood and translate it into clear implications for
Special Edition: Inside the FOMC - What Does it all Mean? | S2 E108 | 12-18-25
Why does Fed Structure Matter More Than Headlines?In this special edition of Markets with Megan, Megan Horneman, Chief Investment Officer at Verdence Capital Advisors, explains the structure of the Federal Reserve and the role of the Federal Open Market Committee (FOMC), the group responsible for voting on U.S. monetary policy.Learn how rotating FOMC voting members, a potentially new Fed Chair in
Does This Rate Cut Send a Big Warning? | S2 E105 | 12-10-25
Today, the Federal Reserve delivered the widely expected rate cut, but it wasn’t the smooth, unified decision markets hoped for. In fact, it was the most divided Fed vote since 2019, with three dissenters split on whether to cut more, or not cut at all.In this episode of Markets with Megan, Megan Horneman breaks down:✔️ Why the Fed cut rates today✔️ Why three members dissented and what it signals✔
Layoffs Rise. Rate Cut Next? | S2 E104 | 12-09-25
Today’s labor market data gave the Fed a mixed message, and that makes their job even harder ahead of tomorrow’s policy meeting. Megan breaks down the conflicting signals in the latest JOLTS job openings, NFIB small business hiring plans, layoffs, and quits rates, plus what it all means for interest rates and market performance.Job openings unexpectedly rose to 7.7 million, the highest since Janua
Did Latest PCE Data Shift the Fed’s Path? | S2 E103 | 12-05-12
Cooling inflation and softer consumer expectations set the stage for a likely Fed rate cut while equities test, then retreat from, record highs. Listen in to why core PCE matters, how expectations shape spending, and what the Fed’s statement could mean for markets next week:• Core PCE slows to 2.8% year over year• Consumer inflation expectations ease across one and five-to-ten years• Sentiment lif
ISM in Contraction - Should We Worry? | S2 E102 | 12-01-25
The government is finally back on schedule with releasing economic data — and the first report of the month delivered a surprise. The ISM Manufacturing Index came in at 48.2, signaling another month of contraction for the sector. Megan Horneman breaks down what’s driving the weakness and what it means for GDP, employment, inflation, and the Federal Reserve.Megan explains why new orders, order back
November’s Market Whiplash Explained | S2 E101 | 12-01-25
Another month, another impressive market turnaround, but is the momentum here to stay? In today’s episode of Markets with Megan, Megan Horneman breaks down the latest economic data to explain what’s driving the rally, how conditions have shifted since the spring, and whether investors should trust this strength going into year-end.Megan covers the key indicators showing improvement, the areas stil
Thanksgiving By The Numbers | S2 E100 | 11-26-25
Happy Thanksgiving from Markets with Megan! 🦃Today, Megan Horneman shares fun, surprising, and meaningful economic insights you can bring to your holiday table, from falling turkey prices to the global equity rally that continues to break record after record.You’ll learn:🍗 Why the cost of Thanksgiving dinner is actually down 5% this year📉 How supermarkets helped push turkey prices lower📈 What we’r
Housing Hope or Housing Hype? | S2 E099 | 11-26-26
The latest housing market data is in and the signals are anything but clear. In today’s episode, Megan Horneman breaks down the mixed messages coming from home sales, inventory levels, and mortgage rates.Are consumers finally pulling back? Are higher interest rates starting to bite? And what does this mean for markets as we head into the end of the year?Megan explains what the data really means fo
Consumer Confident or Cautious? | S2 E098 | 11-25-25
Consumer confidence weakens even as lagging retail sales look resilient, pointing to a softer holiday season and rising expectations for a December rate cut. We connect the drop in expectations, a softer jobs signal, and why equities still rallied on policy hopes.• November consumer confidence weakens versus expectations• Expectations component hits lowest level since 2013 ex-April drop• Inflation
Spending Cools And Dining Out Stays Hot | S2 E097 | 11-25-25
The consumer mood just blinked. We dig into fresh September retail sales and find the signal beneath the noise: core retail sales slipped, the steepest monthly drop since April, and the softness is concentrated in discretionary goods. Autos, electronics, clothing, sporting goods, and even non-store retail retreated, while health and personal care inched higher and restaurants kept humming. That sp
119k Jobs Added: Why Do Markets Care? | S2 E096 | 11-20-25
The September jobs report finally arrived after weeks of private data during the U.S. government shutdown, and it delivered a meaningful surprise. The U.S. economy added 119,000 jobs, far above expectations, even as the unemployment rate rose to 4.4%, the highest level since 2021. In this episode of Markets with Megan, we break down what the mixed labor picture means for the Federal Reserve, infla
Volatility Tests High Valuations | S2 E095
Fear has a way of compressing lofty stories into hard numbers, and that’s exactly what’s playing out across U.S. markets. We open with a clean read on why volatility jumped to levels last seen around April’s tariff shock, then connect the dots between stretched forward P/Es, softening consumer trends, and a Federal Reserve that can’t quite agree on timing for rate cuts. It’s a live stress test of
Jobs Data, Fed Decisions, and Life After the Shutdown | S2 E094
Washington is back open, and the market’s attention snaps from headlines to hard numbers. We walk through what the end of the longest U.S. government shutdown historically means for the dollar, the S&P 500, and growth, then test those patterns against today’s mixed signals. You’ll hear why equities often hold up during political dysfunction, how reopenings can spark a modest relief bid, and wh
New Orders Surge, Costs Rise | S2 E093 | 11-05-25
The October ISM Services index is back in expansion territory—coming in above 50—with six out of ten categories rising and new orders leading the charge (likely boosted by data-center demand in the commentary). Business activity jumped, employment is still in contraction but improved, and we’re not seeing shrinking headcount alongside a backlog—hinting at some labor-market equilibrium.The catch: p
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