RenMac RenMac Off-Script: Live From The Edge
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Jan 16, 2026 The discussion kicks off with a recap of the 2026 Investor Forum, highlighting mixed economic signals and ongoing weaknesses in housing and labor. Inflation pressures appear to be easing, thanks to soft wage growth and lower energy prices. The panel debates the potential for a national housing shortage and examines regional differences. Geopolitical tensions involving China and energy policy are also scrutinized. Finally, the conversation turns to the future of the Fed and possible nominees as the team considers the implications of political pressures on market independence.
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Three Channels Driving Inflation Cooling
- Wage, housing, and energy are the three main conduits for inflation and all are easing.
- That combination makes it hard to see sustained high inflation, says Neil Dutta.
Direction Beats Level For Markets
- Cooling inflation direction, not level, matters more for equities.
- Jeff DeGraff argues improving inflation trajectory supports consumer discretionary and equities.
Housing Is Regional, Not National
- National housing signals contradict a single nationwide shortage narrative.
- Rising finished unsold inventory and rental disinflation suggest local mismatches, not a broad shortage, says Neil Dutta.