In this episode, Kathy Jones and Liz Ann Sonders start out by discussing the latest developments in economic policy and tariffs. They also cover the latest inflation readings and their implications on the dollar and the Treasury market. Then, Liz Ann sits down with Phil Mackintosh, chief economist and senior vice president at Nasdaq.
They discuss the unique economic cycle in the U.S., post-pandemic, focusing on the interplay between micro- and macroeconomics. Mackintosh explains his thoughts on the role of tariffs, the Federal Reserve's current policy, immigration's impact on the labor force, and the outlook for profit margins and earnings. Phil and Liz Ann also examine the influence of AI on productivity, the performance of the Magnificent Seven stocks, and the challenges faced by small-cap companies. Finally, Mackintosh shares insights on valuation in a growth-oriented economy and outlines the risks and opportunities that lie ahead.
You can read Phil Mackintosh's weekly newsletter, Market Makers, on Nasdaq.com.
On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.
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Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy.
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