Key Wealth Matters

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Aug 2026

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Key Wealth Matters, a podcast series hosted by the experts of the Key Wealth Institute, explores the biggest news of today to determine how these headlines can impact wealth plans, financial strategies, markets, and investments. Join our team of advisors for unbiased, proactive advice about individual and family finances, estate and legacy planning, family dynamics, investing, as well as trends for business owners, nonprofits, and institutions. To submit potential topics or questions to our experts, contact us via email at Key_Wealth_Institute@keybank.com. For more information, articles, or other insights related to wealth management, visit key.com/ourinsights. _____________________________________________________ We gather data and information from specialized sources and financial databases including but not limited to Bloomberg Finance L.P., Bureau of Economic Analysis, Bureau of Labor Statistics, Chicago Board of Exchange (CBOE) Volatility Index (VIX), Dow Jones / Dow Jones Newsplus, FactSet, Federal Reserve and corresponding 12 district banks / Federal Open Market Committee (FOMC), ICE BofA (Bank of America) MOVE Index, Morningstar / Morningstar.com, Standard & Poor’s and Wall Street Journal / WSJ.com. Key Wealth, Key Private Client, Key Private Bank, Key Family Wealth, and KeyBank Institutional Advisors are brand names used by KeyBank National Association (KeyBank). Key Wealth and Key Private Client are also brand names used by Key Investment Services LLC (KIS), member FINRA/SIPC and SEC-registered investment advisor. The Key Wealth Institute is comprised of financial professionals representing KeyBank National Association (KeyBank) and certain affiliates, such as Key Investment Services LLC (KIS) and KeyCorp Insurance Agency USA Inc. (KIA). Any opinions, projections, or recommendations contained herein are subject to change without notice, are those of the individual author(s), and may not necessarily represent the views of KeyBank or any of its subsidiaries or affiliates. This material presented is for informational purposes only and is not intended to be an offer, recommendation, or solicitation to purchase or sell any security or product or to employ a specific investment or tax planning strategy. KeyBank, nor its subsidiaries or affiliates, represent, warrant or guarantee that this material is accurate, complete or suitable for any purpose or any investor and it should not be used as a basis for investment or tax planning decisions. It is not to be relied upon or used in substitution for the exercise of independent judgment. It should not be construed as individual tax, legal or financial advice. The summaries, prices, quotes and/or statistics contained herein have been obtained from sources believed to be reliable but are not necessarily complete and cannot be guaranteed. They are provided for informational purposes only and are not intended to replace any confirmations or statements. Past performance does not guarantee future results. Brokerage and certain investment advisory services are offered through Key Investment Services LLC (KIS), member FINRA/SIPC and SEC-registered investment advisor. Insurance products are offered through KeyCorp Insurance Agency USA, Inc. (KIA) and underwritten by third party insurance carriers not affiliated with KIS. KIS and KIA are affiliates under the common control of KeyCorp. To learn more about KIS’s investment business, as well as our relationship with you, please review our KIS Disclosure page. Check the background of KIS on FINRA's BrokerCheck. Non-Deposit products are: NOT FDIC INSURED • NOT BANK GUARANTEED • MAY LOSE VALUE • NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL OR STATE GOVERNMENT AGENCY ©2026 KeyCorp®. All rights reserved.

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August 28, 2026Episode 22427 min

What Jackson Hole and NVIDIA Earnings Mean for Investors

Kevin Warsh’s first Jackson Hole speech as Fed chair emphasized policy flexibility, a firm 2% inflation target and less reliance on forward guidance. The panel examines how persistent inflation and resilient economic growth could keep another rate increase on the table while contributing to greater bond market volatility. Investors also hear why caution is building around semiconductor stocks, AI infrastructure spending and technology company balance sheets, supporting a more selective portfolio tilt toward companies adopting AI rather than those primarily enabling it. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Stephen Hoedt, Head of Equities Cynthia Honcharenko, Director of Fixed Income Portfolio Management Time 01:28 — Economic updates include labor conditions, GDP and July PCE inflation 04:20 — Kevin Warsh outlines a quieter Fed and firm inflation mandate 12:46 — Markets interpret Jackson Hole as hawkish for short-term rates 16:27 — NVIDIA earnings highlight caution across semiconductors and AI spending 23:23 — Important disclosures and sources used in the discussion Additional Resources Register Now: Key Wealth National Call: Countdown to the Midterms — Politics, Policy, and Your Portfolio Read: Natural Disasters – A Financial Guide for Mitigation to Preparedness to Recovery Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

August 14, 2026Episode 22329 min

New Highs, Softer Inflation, and a Fed on Hold

Markets moved higher this week as inflation data came in largely in line with expectations and concerns about additional Federal Reserve tightening eased. The panel discusses July CPI, stable labor market trends, and softer retail sales, while noting that inflation remains above target. The conversation also examines shifting expectations for the September FOMC meeting, the outlook for interest rates, and why equities continue to reach new highs despite seasonal headwinds. The episode closes with a discussion on diversification, balancing equity opportunities with attractive bond yields, and maintaining discipline as investor sentiment improves. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 02:30 — July inflation data and market reaction 08:20 — Fed outlook and September meeting expectations 13:00 — Jackson Hole and signals from policymakers 15:05 — New market highs, breadth, and volatility trends 22:20 — Bonds, diversification, and portfolio positioning Additional Resources Read: Key Questions: Are More ETFs Really Better for Investors? Read: Natural Disasters – A Financial Guide for Mitigation to Preparedness to Recovery Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

August 7, 2026Episode 22222 min

Slip Slidin’ Away: Jobs Growth Slips into Negative Territory

This week’s discussion focused on a mixed set of labor market signals, highlighted by an unexpected decline in July nonfarm payrolls and a lower unemployment rate. The panel explored how softer employment data is reshaping expectations for Federal Reserve policy and reducing the likelihood of a September rate hike. The conversation also examined strong demand for corporate bonds amid record issuance driven by AI investment, along with the market’s response to earnings growth, valuation trends, and energy prices. Despite seasonal concerns, recent market strength continues to support a constructive outlook for investors. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 01:30 — Three key employment reports shape the week's outlook 05:10 — Why markets welcomed weaker-than-expected payroll data 08:20 — Treasury rally and changing Fed expectations 11:20 — Earnings quality, valuations, and market leadership 16:00 — New highs challenge seasonal market concerns Additional Resources Read: Key Investment Perspectives | Q2 2026 Read: Key Questions: Are More ETFs Really Better for Investors? Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

July 31, 2026Episode 22124 min

Sounds of Silence: What the Fed Isn’t Saying Matters Most

This week’s discussion focuses on the Federal Reserve’s latest meeting, persistent inflation pressures, and what a more data dependent policy approach could mean for investors. The team reviews second quarter GDP growth, June PCE inflation, and the market reaction to Fed Chair Kevin Warsh’s comments. The conversation also explores strong earnings results, improving market breadth beyond mega cap technology, and portfolio positioning opportunities across financials, healthcare, and other cyclical sectors. The key takeaway is that diversification remains essential as investors navigate shifting policy signals, earnings strength, and an economy that continues to expand despite lingering inflation concerns. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 02:05 — GDP growth and June PCE inflation review 04:16 — FOMC recap and Warsh's inflation focus 09:19 — Bond market reaction and yield curve steepening 12:36 — Earnings season, valuations, and market breadth 19:16 — Diversification and portfolio positioning outlook Additional Resources Read: Key Wealth Investment Brief – FOMC Update Read: Key Questions: Are More ETFs Really Better for Investors? Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

July 24, 2026Episode 22021 min

Oil, Inflation, and the Fed’s Next Move

This week’s discussion focused on the resurgence of inflation concerns as escalating tensions involving Iran and disruptions to global energy flows pushed oil prices toward $100 per barrel. The CIO team examines the implications for markets, including pressure on interest rates, renewed Fed tightening expectations, and a broad fixed-income selloff ahead of next week’s FOMC meeting. The conversation also explores growing investor scrutiny of AI infrastructure spending, with markets increasingly distinguishing between companies building AI capacity and those positioned to benefit from its adoption. The team provides guidance for investors in today’s dynamic market. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 02:03 — Jobless claims fall to lowest level since 1969 02:57 — Iran conflict broadens and oil approaches $100 06:51 — Energy inventories tighten and AI spending concerns grow 12:09 — FOMC outlook, inflation risks, and September expectations 16:58 — Closing thoughts for investors Additional Resources Read: Key Questions: Are More ETFs Really Better for Investors? | Key Wealth Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

July 17, 2026Episode 21928 min

Crazy Train: The Economy Keeps Rolling Down the Tracks

This week’s discussion focused on encouraging inflation data, steady consumer spending, and the market implications of continued AI-driven investment. The team reviewed June CPI results, Fed Chair Kevin Warsh’s congressional testimony, and the latest Beige Book findings ahead of the July FOMC meeting. While inflation showed signs of moderation, panelists noted that price pressures remain above target and are likely to keep the Fed on hold. The conversation also explored market rotation away from some AI leaders toward cyclical sectors, improving earnings trends, resilient credit markets, and the potential for broader economic participation as growth expands beyond mega-cap technology. 03:43 — June CPI, Fed testimony, and Beige Book overview 08:25 — Economic outlook, inflation trends, and AI-driven growth 12:16 — Fed expectations, rates, and credit market dynamics 17:28 — Market rotation, earnings season, and AI stock performance 22:55 — Healthcare opportunities and broadening market leadership Additional Resources Read: Key Questions - Is Artificial Intelligence (AI) a “Bubble”? Read: IRS Releases Its Dirty Dozen Tax Scams and Schemes for 2026 Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

July 13, 2026Episode 21825 min

Fed Focus Shifts as Inflation Stays Sticky

This week’s discussion focused on a labor market that is cooling but still stable, renewed geopolitical risk tied to oil prices, and a Federal Reserve that appears more focused on inflation under new leadership. The panel also reviewed the market’s reaction to the June FOMC minutes, the importance of upcoming economic data, and how AI-related spending is influencing both inflation and equity leadership. Investors should watch earnings breadth, rate expectations, and rotation within technology as the second half of the year begins. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 02:01 — Labor market data shows slower payroll growth 04:48 — Middle East risks put oil prices back in focus 09:01 — FOMC minutes point to a more hawkish Fed 14:33 — AI spending drives equity market rotation 21:26 — Closing thoughts for investors Additional Resources Read: Key Questions - Is Artificial Intelligence (AI) a “Bubble”? Read: IRS Releases Its Dirty Dozen Tax Scams and Schemes for 2026 Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

June 26, 2026Episode 21726 min

Fed Reset, Inflation Pressures and a Broader Market Story

Markets recalibrate as the Federal Reserve signals a more hawkish stance under new leadership, shifting expectations away from rate cuts and toward potential tightening. Inflation projections moved higher, reinforcing the Fed’s focus on price stability and reducing forward guidance as a policy tool. Fixed income markets reacted quickly, with front end yields rising and volatility expected to persist. In equities, leadership continues to broaden beyond mega cap names, with improving participation across sectors supporting a constructive backdrop, though near term consolidation and uneven returns remain likely through the summer. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 02:40 — Market overview with GDP, PCE and unemployment trends 04:05 — FOMC recap and introduction of new Fed Chair Kevin Warsh 06:20 — Inflation projections rise and policy expectations reset 12:30 — Reduced Fed communication and implications for volatility 15:00 — Equity market rotation beyond mega cap tech and earnings outlook Additional Resources Read Now: Trump Accounts: A New Tool for Building Optionality for Children Check Out: Key Questions: Is Artificial Intelligence (AI) a “Bubble”? Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

June 12, 2026Episode 21625 min

A New Fed Era Begins as Inflation Lingers and Markets Broaden

Markets ended the week balancing persistent inflation data, evolving Fed expectations, and shifting equity leadership. CPI and PPI both surprised to the upside, reinforcing the view that inflation remains sticky and likely keeps the Fed in a restrictive stance ahead of Kevin Warsh’s first FOMC meeting as chair. While geopolitical tensions in the Middle East added volatility early in the week, markets recovered on signs of potential de-escalation. In equities, leadership broadened beyond mega caps, with equal weight indices gaining strength as investors reassess concentration risk. With rates expected to stay higher for longer, disciplined positioning and diversification remain key in navigating the current environment. Speakers: Brian Pietrangelo, Managing Director of Investment Strategy George Mateyo, Chief Investment Officer Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 02:05 — CPI and PPI show persistent inflation pressures 04:00 — Fed outlook ahead of Kevin Warsh’s first FOMC meeting 06:30 — Geopolitics and market reaction to Middle East tensions 10:00 — Bond market implications and higher for longer rate expectations 15:15 — Equity market breadth improves as SpaceX IPO draws attention Additional Resources National Call Replay: 2026 Mid-Year CIO Update Read Now: Corporate Transparency Act — Where Are We Now (2026)? Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn

June 5, 2026Episode 21527 min

Cracks in the AI Trade, a Strong Jobs Print, and the Summer Fed Watch

This week’s conversation points to an economy that is still expanding, but with a market narrative that may be shifting. Manufacturing and services remained in expansion, job openings improved, and May payrolls came in stronger than expected, reinforcing a firmer labor backdrop ahead of the June FOMC meeting. At the same time, the team discusses early cracks in the AI trade, the potential for rotation as large IPOs approach, and why higher yields may persist. In fixed income, resilient credit markets still favor quality, while policy and inflation remain central watchpoints for portfolio positioning. Continue the conversation at our upcoming Key Wealth National Call: 2026 Mid-Year CIO Update on June 9, 2026 at 1:00 PM ET . Speakers: Brian Pietrangelo, Managing Director of Investment Strategy Rajeev Sharma, Head of Fixed Income Stephen Hoedt, Head of Equities 01:39 — Manufacturing, services, Beige Book, JOLTS, and May payrolls. 05:16 — Middle East developments, oil inventories, and summer supply risks. 08:10 — AI trade cracks, Broadcom, and the coming SpaceX IPO. 16:54 — Jobs, Fed expectations, higher yields, and resilient credit. 23:07 — National Call reminder and what investors should watch next. Additional Resources Register Now: Key Wealth National Call: 2026 Mid-Year CIO Update Read: Key Questions: What’s Behind the Back Up in Global Bond Yields? Key Questions Weekly Investment Brief Subscribe to our Key Wealth Insights newsletter Follow us on LinkedIn