Behind the Markets Podcast A Healthy Uncertainty and Volatility Spike
Nov 21, 2025
Join renowned guest Jeremy Siegel, a senior economist and macro expert, alongside macro analyst Sam Rines and markets commentator Jeff Winninger. They delve into Nvidia's recent volatility, examining its earnings impact amidst labor market trends and AI investment returns. The discussion highlights Walmart's strong consumer signals, geopolitical shifts in Venezuela's oil market, and housing dynamics. With insights on monetary policy, holiday spending forecasts, and market resiliency, this conversation is packed with valuable financial perspectives.
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Speculative Excess Being Pruned
- Jeremy Siegel says market volatility after strong earnings cleared out speculative excess, which he views as healthy for markets.
- He links tech and Bitcoin correlation and rising CDS spreads as signs of speculative pruning and private credit caution.
Continuing Claims Signal Labor Friction
- Siegel highlights continuing claims creeping to post-pandemic highs despite steady initial jobless claims around 220k.
- He interprets this as a 'no hire, no fire' economy where displaced workers struggle to find jobs.
Watch Liquidity, Not Just Jobs
- Watch money supply and bank deposit trends before reading too much into headline employment prints.
- Monitor whether loan demand shifts from private credit back to banks if private credit enthusiasm pauses.