Market Pulse | High-signal updates for investors and operators

Host: Schwab's Chief Investment Strategist Liz Ann Sonders and Collin Martin, Head of Fixed Income Research Add. Guest: RSM Chief Economist Joe Brusuelas

1. Macro Bond Market Dynamics & The Uncertainty Premium

• The Term Premium Shift: The term premium—the model-based, hypothetical extra compensation required by investors to hold long-term bonds over rolling short-term bills—spent a multi-year…

Speaker Profiles

• François Trahan: Chief Investment Strategist, BMO Capital Markets
• Ian Lyngen: Managing Director, Head of U.S. Rates Strategy, BMO Capital Markets

Macroeconomic Stimulus & Capacity Constraints

• The Stimulus Pipeline: There is a substantial volume of stimulus currently in the economic pipeline. This influx is composed of monetary stimulus from the Federal Reserve and other…

Global Yield Surges & Macro Context

• Government bond markets experienced intense volatility through May 2026, driven by cautious economic outlooks while equity markets remained captivated by the AI capital expenditure (capex) story [00:00:00].
• The US 10-year Treasury yield surged to a 16-month high of 4.66%, and the 30-year Treasury yield reached an 18-year high of…

Speaker & Episode Details

• Host/Speaker: Daniel Lamb [00:00:15]

The Macroeconomic Dilemma and Inflationary Pressures

• Economic Surprises: Positive economic surprises are currently not a blessing under an inflationary scenario because they apply extra upward pressure onto bond yields…

Host: Piers Butler Speakers: Janet Henry (Global Chief Economist), Simon Wells (Chief European Economist)

## 1. Geopolitical Hostilities & The Shock Absorption Buffer [00:00:35]

• Conflict Timeline: The US-Iran military conflict has officially dragged on for 12 weeks (approximately 2 months of active escalation) with efforts to reopen the…

00:00:04 | Institutional Transition & Leadership Profile

• The Transition: On the morning of May 22, 2026, Kevin Warsh was officially sworn in as the 17th Chair of the U.S. Federal Reserve, concluding Jerome Powell's 8-year tenure at the helm of the central bank.
• The Powell Variable: In an unusual structural arrangement, former Chair Jerome Powell…

Speaker Profiles & Context Verification

• Liz Ann Sonders: Chief Investment Strategist, Charles Schwab [00:00:05]
• Colin Martin, CFA: Fixed Income Strategist, Charles Schwab [00:00:05]
• Cooper Howard, CFA: Fixed Income Strategist (Municipal Bond Market Focus), Charles Schwab…

• Host: Chris Hussey, Goldman Sachs Research.
• Guest: Phillip Lee, Head of Real Money Rate Sales within Global Banking & Markets.
• Definition of "Real Money": Non-hedge fund institutional asset pools, explicitly covering banks, insurance companies, and traditional asset managers [00:00:17].
• Recording Date: Thursday, May 21, 2026.…

Introductions & AI-Driven Inflation

• [00:00:14] Participants: Mark Zandi (Chief Economist, Moody's Analytics), co-hosts Marissa DiNatale and Chris deRitis, and colleague Martin Wurm are joined by Julia Coronado, founder of Macro Policy Perspectives (entering its 10th year). -…

This is a summary of the DoubleLine Minutes podcast episode from April 24, 2026, featuring hosts Eric Dah and Ryan Kimmel. The discussion covers a unique geopolitical "double blockade," record-breaking movements in the technology sector, and a historic leadership transition at the Federal Reserve.

Speaker Details

• Eric Dah: Host and commentator at DoubleLine Capital.
• Ryan Kimmel:…

This summary covers the key insights from the DoubleLine Capital podcast episode "Sherman Says: The Dirty Secret in the Bond Market," featuring Jeffrey Sherman (Deputy CIO), Ryan Kimmel (Macro Strategy), and Nick Delgetti.

--- Key Takeaways

• Fed Policy & Leadership: The bond market is preparing for a shift toward more hawkish or "orthodox-challenging" leadership under Kevin Warsh.…

Introduction and Market Context

• Host Details: Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley [00:00:00].
• Podcast Date: Friday, April 24th, 2026, at 9:00 a.m. in New York [00:00:07].
• Market Complexity: Markets are currently struggling to track multiple major…

This summary covers the "Investing Insights" podcast by Morningstar, Inc., featuring an analysis of market disruptions in early 2026.

Overview and Speaker Details

• Host: Ivana Hampton, Lead Multimedia Editor at Morningstar.
• Guest: Tom Lauricella, Global Markets Editor for Morningstar, Inc., and Editor of the Smart Investor Newsletter.
• Recording Date: Wednesday, April 22, 2026. -…

This video provides a detailed overview of Kevin Warsh’s nomination hearing to become the next Chair of the Federal Reserve. Reported by CNBC’s Matt Peterson in Washington D.C., the summary highlights Warsh's intent to fundamentally reform the central bank's post-financial crisis policies, which he views as outdated and potentially harmful in a rapidly changing world.

****Introduction and Nomination…

This is a comprehensive summary of the 5 in 5 with ANZ podcast from Wednesday, April 22, 2026, detailing global market shifts, US Federal Reserve developments, and the economic outlook for Australia and New Zealand.

1. Global Markets & Geopolitical Tensions Market Overview: Geopolitical uncertainty in the Middle East has triggered a sharp rise in energy prices and a downturn in equity markets…

I. Introduction and Global Context [00:00:00] The podcast is hosted by Chandra Goshal on the ground in Washington D.C. during the spring meetings of the World Bank, IMF, and IIF (Institute of International Finance). Guest Megan Fox, Associate Managing Director in Moody’s Financial Institutions Group, joins to discuss the shifting landscape of bank regulation…

This summary covers the "Excess Returns" weekly wrap-up featuring insights from Jim Grant (Grant’s Interest Rate Observer), Liz Ann Sonders (Charles Schwab), and Brent Donnelly (Spectra Markets).

1. War as the Invariable Driver of Inflation [00:02:13]

• The Theory of Inflation: Jim Grant identifies that while theories blame…

This summary covers the key insights, market data, and geopolitical developments discussed in the "5 in 5 with ANZ" podcast for Monday, April 20, 2026.

1. Middle East Conflict & Oil Market Rebound [00:00:09] Oil prices and the US dollar are expected to bounce in Asian trade on Monday, April 20th, following renewed instability in the Middle…

This is a summary of the PIMCO podcast episode, "Why the Fed Could Shrink Its Balance Sheet Again (and Markets Might Not Notice)," featuring insights from PIMCO economist Tiffany Wilding.

I. Context: The Success of the Recent QT Program The Federal Reserve recently concluded its latest Quantitative Tightening (QT) program, a process of shrinking the balance sheet by selling securities or letting them…