Facts vs Feelings with Ryan Detrick & Sonu Varghese When Do We Get Tacos? (Ep. 171)
After a long stretch of calm markets and steadily improving breadth, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist at Carson Group, confront a sudden return of volatility driven by geopolitics, tariffs, and rising bond yields. They walk through why renewed trade threats tied to Greenland are unsettling markets, how bond yields are once again asserting their influence over policy and risk assets, and why metals are responding more decisively than equities.
Along the way, they assess the durability of the bull market by digging into household balance sheets, leverage, labor dynamics, and the expanding leadership beyond mega-cap tech. The discussion ultimately circles back to a familiar theme: markets may react sharply to headlines, but fundamentals, earnings power, and financial resilience continue to shape the bigger picture.
Key Takeaways:
- Tariffs and geopolitics are back in focus: Trade threats tied to Greenland and Europe are reviving volatility, even as markets wait for legal and policy clarity
- Bond yields are driving the response: Rising global yields are limiting diversification benefits and increasing pressure on policy credibility
- Metals are acting as a release valve: Strength in gold, silver, and industrial metals reflects policy uncertainty and global demand
- Household balance sheets remain resilient: Lower leverage and elevated net worth are helping sustain spending and growth
- Market leadership continues to broaden: Small caps, mid caps, and cyclicals are reinforcing the underlying strength of the bull market
Jump to:
0:00 — Cold Open And Safety Scare
3:00 — Setting The Stage: Worst Market Day
5:30 — Greenland Tariffs And Policy Chess
11:30 — Supreme Court Tariff Wildcard
15:30 — Yields Spike And Safe Havens Pop
20:00 — Tech Under Pressure, Small Caps Hold
25:30 — Market Breadth And AI Expectations
31:00 — K-Shaped Economy And Delta’s Split Cabin
36:00 — Household Balance Sheets And Leverage
44:00 — Asset Drivers: Housing And Stocks
50:00 — Bear-Market Risk And Feedback Loops
Connect with Ryan:
• LinkedIn: https://www.linkedin.com/in/ryandetrick/
• X: https://x.com/RyanDetrick
Connect with Sonu:
• LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/
• X: https://x.com/sonusvarghese?lang=en
Questions about the show? We’d love to hear from you! factsvsfeelings@carsongroup.com