RenMac RenMac Off-Script: Ronaldo, Trade, Inflation & What Investors Missed in ’25. + What’s on Tap For ‘26
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Dec 26, 2025 The discussion kicks off with reflections on 2025's macro surprises, touching on how easing inflation could be a crucial market tailwind for 2026. A stark disconnect between strong GDP and sluggish income raises concerns about consumer spending. The labor market is highlighted as a key signal, with unemployment expected to impact growth. Insights into Republican divisions and the unresolved Fed chair search suggest political factors will influence midterms. Plus, the team dives into the resilience of precious metals and the overlooked implications of tariffs.
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The Wrong Ronaldo Jersey
- Steve Duttonhofer accidentally bought his kid the wrong Ronaldo jersey from Brazil.
- He corrected it, but the mix-up was a memorable Christmas fail they all joked about.
Seasonal Tailwind Into January
- Seasonality usually provides a late-year and January equity tailwind driven by ETF and IRA flows.
- Jeff DeGraff says that tailwind typically lasts about two to three weeks into the new year.
Inflation Trumps Growth For Markets
- Falling inflation is a more important market tailwind than growth historically.
- Jeff DeGraff argues weaker inflation is the upside surprise for 2026 bears.