Most-Hated Rally Ever? | Macro Mondays: September 15, 2025
Sep 15, 2025
Dive into Wall Street's skepticism as experts dissect the "most-hated" equity rally amid anticipation of the Fed's interest rate decision. Discover how AI-driven capital expenditure is projected to reshape business cycles while navigating U.S.-China trade tensions. The hosts explore the intriguing resilience of the economy and the implications for cryptocurrency and risk assets. Gain insights into shifting dollar positioning and updated investment strategies as the landscape of global finance evolves.
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insights INSIGHT
Fed Meeting Has Asymmetric Expectations
The Fed meeting is peculiar because markets already price a 25bp cut while many economists expect no cut.
Powell has incentives to cut given weak surface labor data, making September a buying opportunity.
insights INSIGHT
The Most-Hated Rally Explained
The current U.S. equity rally is highly unpopular among professional investors despite strong returns.
Earnings and a pick-up in the business cycle explain the rally more than politics or headlines.
insights INSIGHT
AI CapEx Is A Narrow Hockey Stick
Massive AI capex is concentrated in data centers and not yet broad-based across industry.
That could force a later, larger capex cycle into manufacturing and other sectors as firms adopt automation.
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Andreas Steno Larsen and Mikkel Rosenvold of Steno Research preview the upcoming Fed interest rate decision and break down everyting driving markets right now. Here's what's on the docket: Why the current U.S. equity rally is still the “most-hated” on Wall Street, how AI-driven CapEx could reshape the business cycle, shifting U.S.-China trade ties, dollar positioning, and what it all means for crypto and risk assets.
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