CFA Society Chicago

Jessica Noviskis, Tony Zhang and Rich Excell are back to talk about the recent moves in the market. What does the election mean for AI? What does the change in AI growth mean for the economy? What does sticky inflation mean for the Fed? Is the Fed's job harder now? Are we going to face stagflation? There is a lot that rhymes with the 1970's

For this episode, we catch up with the Co-founder of Macro Matters - Lotta Moberg.  Rich speaks to Lotta about a wide range of topics - portfolio construction, AI in investment management, private markets, and her new podcast "Financial Thought Exchange"

Jessica Noviskis, Tony Zhang and Rich Excell cover the events of the past two weeks. Is the AI capex spending boom over? What does that mean for the equity market? The economy?  Will the US election move markets? What do we need to watch?  The team debates the topics from the different sides of the argument so we can all avoid confirmation bias, that behavioral bias that tempts and hurts us all. 

Rich, Tony and Jessica are back to talk about the set-up of the market into earnings. The bond market is a disaster, so why are stocks near all-time highs? Is the market mis-pricing because we are in a bubble? What should we watch for?

Jessica, Tony and Rich are back to react to the news from the FOMC and discuss the various market reactions to the news

This week, Jessica Noviskis, Tony Zhang and Rich Excell once again explore all of the macro that matters for markets. It is a fixed income heavy episode because bond yields are where all investors are focused. Have a listen to see what you think Make sure to claim your continuing education credits as well!

Tony Zhang PhD, CFA,  Jessica Noviskis CFA and Rich Excell CFA, CMT are back discussing the macro that matters for the markets. Treasury auctions that are struggling and a bond market that sees risks are one sign inflation is still a market concern. Does the equity market care?  Are we really going to get the rate hikes priced in? Join us to listen to our latest market thoughts and when you finish...

Tony Zhang, Jessica Noviskis and Rich Excell are back to talk about the macro that matters! This time, it is all about the FOMC - is the bond market already giving up on Chairman Warsh? What does that mean for stocks? Will investors switch at some level? It is also about earnings - they have been off the charts, so why aren't stocks higher?  The gang touches on all of this.  Make sure you reach ou...

What's new since the last Macro Matters? We have a new co-host!   Jessica Noviskis joins Tony Zhang and Rich Excell to cover the market moves of the last 2 weeks. As many were on holiday, they may have missed the economic news on inflation (PCE) and growth (ISM). They likely didn't miss the price action in semis & memory that are dragging the Nasdaq lower. Does this make the July earnings season e...

Whether it is in semis and memory stocks or the overall economy, the big talk of the market is price stability or lack thereof. Tony Zhang and Rich Excell are back to break down market moves from short-term rates and Kevin Warsh to the AI trade. Let them know what you think, and reach out to CFA Soicety Chicago to get your continuing education credits after you do. 

Tony Zhang PhD, CFA and Rich Excell CFA, CMT are back after some R&R. Given it has been almost a month since we last talked, we looked at every asset class and guess what? There are some interesting moves going on in everything from gold to bonds to stocks to crypto. Is there a common thread going through them all? There just might be. 

The market is back to its AI focus with the Iran War still in the background, particularly since commodities prices are impacting data.  Tony Zhang and Rich Excell are back to talk about possibly the most important thing - the Trump & Xi meeting this week  - as it will impact everything - AI, Iran and lots more.     The macro ALWAYS matters, so listen in to see what people are talking about

It is FOMC Day! It's AI data center earnings day! It's oil ovre $100 day! It's something for everyone day Rich Excell and Tony Zhang are back to try and decode what we are seeing in the markets. Are you an AI optimist or pessimist? Do you care about oil supply or demand? These are the questions you should be asking

Tony Zhang PhD, CFA and RIch Excell CFA, CMT are back for another episode. We ask the rhetorical question "is the market macro?' We know you know the answer and are frustrated by it.  However, the 'macro' might be driving the rally even more than the sell-off. This macro has little to do with the Iran War!   Have a listen to find out

Tony Zhang PhD, CFA and Rich Excell CFA, CMT discuss what may be the most macro of markets since we started Macro Matters. It may seem obvious, but right now, the Iran War is all that matters. What are the scenarios investors should worry about? What are the key indicators to watch to know which scenario may be playing out?  Have a listen to find out

Tony Zhang and Rich Excell are back with another episode of Macro Matters The market has presumably moved on from its AI concerns and is now focused on another big problem all together - the conflict in the Middle East. Oil prices have moved about $100. What are the impacts? What are investors doing? Tune in to find out

Tony Zhang, Blaine Reed and Rich Excell are back and the topic is negativity. There is so much negative sentiment in the markets right now. What is driving it? Is it based on reality or is this a buying opportunity? 

Tony Zhang, Blaine Reed and Rich Excell are back to talk about what is happening in the markets. It has been all about AI for the last 2 years. However, don't look now but the US is lagging Europe by 13.5% over the last 12 months and by 19% vs. emerging markets over the same time.  Anyone notice energy besting technology by 20% this year? Is the AI trade over? Is the market doomed?

Tony Zhang, Blaine Reed and Rich Excell are back with the first episode of 2026. At least nothing has been going on so far this year!  The teams talks about 'Sell America', tech stocks, term premia and capital flows. A lot to cover in a short time This podcast is worth 0.75 PL (continuing education) credits. For those that listened and want their credit for this episode, or others, reach out to in...

Tony Zhang, Blaine Reed and Rich Excell get together again to discuss the market reaction to the latest FOMC rate cut. What is the FOMC saying about 2026? What are the various markets thinking? How are Blaine, Tony and Rich trying to navigate the markets?  Have a listen to find out

Tony Zhang, Blaine Reed and Rich Excell are back to discuss the macro that matters for the markets.  The latest narratives driving markets are the usual - AI and rates - and the new - job losses and affordability.   Can Fed rate cuts help job losses from AI? Have a listen to find out

Tony Zhang, Blaine Reed and Rich Excell are back again. What are they talking about? AI Is there anything else to talk about? Seriously though.  What about yield curves and credit spreads and Fed policy and US/China trade talks and earnings analysis and seasonal stock patterns?  Yep, covered that too.  For a recap of the last 2 weeks and what to look for going forward, have a listen.  Remember to...

Blaine Reed, Tony Zhang and Rich Excell are back to cover all of the topics in the market: Are all assets now convinced that growth is falling? Markets are convinced inflation is gone, but is it? What are we seeing in earnings? Do any stories matter outside of AI?  Have a listen to find out

Tony, Zhang, Blaine Reed and Rich Excell are back to discuss the latest on the job market, rate cuts, financial conditions and the Dollar.  Is now the time to look to Asian markets given the catalysts? Does the Tricolor and First Brands news suggest cracks in the credit markets?   Have a listen to find out

The Fed is going to cut rates in September. Some think they shouldn't (Rich Excell and Blaine Reed) and some think they should (Tony Zhang). Whether they should or shouldn't, it will happen, so what will be the response by the markets? What moves are we already seeing? Have a listen to find out