Jobs data, unemployment and rate risks

In this episode, Michael discusses the team’s annual market outlook for 2026. The conversation explores key economic trends, policy developments, and the potential for broader market participation. Topics include the implications of Trump’s affordability measures, the impact of interest rates and oil prices, and specific investment opportunities for the year ahead. Michael shares a bullish view on cyclical sectors such as transportation, manufacturing, and housing-related industries, while also highlighting risks tied to economic overheating and rising interest rates.

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