Behind the Markets Podcast

Show from 2026-10-23 On this week’s Behind the Markets, Jeremy Schwartz is joined by Professor Jeremy Siegel, Samuel Rines, and Chris Gannatti to discuss market rotations, the AI investment cycle, and the global economic outlook. Professor Siegel examines the sharp shift from growth to value stocks, the impact of AI infrastructure spending on Treasury yields, and upcoming Federal Reserve decisions...

Show from 2026-10-16 On this episode of Behind the Markets, Jeremy Schwartz welcomes Professor Jeremy Siegel to discuss inflation data, interest rate volatility, and the market implications of continued AI infrastructure investment. Siegel explains how uncertainty surrounding AI spending could pressure growth stocks while supporting Treasury bonds and value equities through lower yields. He also e...

Show from 2026-10-09 On this episode of Behind the Markets, Jeremy Schwartz is joined by Professor Jeremy Siegel to discuss the economic outlook, rising bond yields, inflation pressures, and the Federal Reserve’s next moves. Siegel explains why he remains constructive on equities despite higher interest rates, revises his long-term real return expectations upward, and considers how oil prices, geo...

Show from 2026-10-02 Professor Jeremy Siegel opens with his take on the latest payroll report, highlighting softer job growth, improving labor-force participation, steadier hours worked and continued manufacturing gains. He argues the data gives the Federal Reserve room to pause in October, while noting that higher real interest rates remain a challenge for equity valuations. Siegel also discusses...

Show from 2026-09-25 Jeremy Schwartz and Professor Siegel open with the sharp rise in real interest rates and what stronger economic growth, higher Treasury yields, and upcoming inflation, housing, employment, and money-supply data could mean for markets. They discuss the resilience of equities despite pressure from bonds, the outlook for small-cap and value stocks, and how Meta’s Muse AI agent co...

Show from 2026-09-18 Jeremy and Sam are joined by Ron Johnson, former Apple retail chief and author of Shop Different: How Retail Revealed Apple’s Genius. Johnson reflects on his career at Target, Apple, and JCPenney, including lessons from both success and failure. He explains why physical retail remains resilient, how stores and e-commerce increasingly complement one another, and why customer se...

Show from 2026-09-11 Jeremy Schwartz and Professor Jeremy Siegel open the show by assessing hotter-than-expected inflation, rising Treasury yields, and the growing likelihood of a Federal Reserve rate hike. Siegel argues that credit expansion, persistent inflation pressures, and signals from the yield curve support tighter policy, while noting that equities have remained surprisingly resilient des...

Show from 2026-09-04 Jeremy Schwartz and Professor Jeremy Siegel open with the latest jobs report, highlighting stronger-than-expected payroll growth, upward revisions, rising hours worked, improved labor-force participation, and contained wage pressures. Siegel argues the data point to a resilient economy but may temper hopes for a dramatic AI-driven productivity surge this quarter. He also discu...

Show from 2026-08-28 Jeremy Schwartz and Professor Siegel open with a discussion of the latest Federal Reserve signals, with Siegel praising the renewed emphasis on money supply, bank credit, commodity prices, market-based inflation expectations, and interest rates. Siegel views the Fed’s tone as more hawkish than expected, but argues that markets responded positively because policymakers provided...

Show from 2026-08-21 Professor Jeremy Siegel joins Jeremy Schwartz to discuss Treasury Secretary Scott Bessent’s efforts to influence the yield curve, the implications for Fed credibility, and the market’s reaction across bonds, crypto, gold, and the dollar. Siegel also previews Jackson Hole, arguing investors need more clarity on Chair Kevin Warsh’s reaction function, while noting that rising com...

Show from 2026-08-14 Host Jeremy Schwartz and Professor Siegel discuss weaker retail sales, inflation trends, strong corporate earnings and the market continuing to reach new highs. The Prof notes that some recent economic data has softened, but higher-frequency indicators are not yet pointing to a major slowdown, while lower oil prices and encouraging inflation details remain supportive for marke...

Show from 2026-08-07 Host Chris Gannatti and Professor Siegel discuss the latest employment report, including weaker payroll growth, downward revisions, wage trends and what the data could mean for productivity. The Prof also weighs in on the outlook for Fed policy, oil prices, M2 money supply and unusually strong corporate earnings and profit margins. (19:50) Chris Gannatti is joined by Jon Flynn...

Show from 2026-07-31 Host Jeremy Schwartz and Professor Siegel discuss the Fed’s decision to hold rates steady and what the Prof viewed as a poorly handled press conference that failed to clearly explain a defensible policy decision. The Prof also covers the sharp rotation from growth to value, strong consumer spending beneath the GDP report, rapid money supply growth and the importance of oil pri...

Show from 2026-07-24 Host Jeremy Schwartz and Professor Siegel discuss the pullback in mega-cap technology stocks, the market’s growing concern around massive capital expenditures and the pressure rising bond yields are putting on equity valuations. The Prof also weighs in on oil prices and renewed inflation risks, the importance of distinguishing real yields from nominal yields when evaluating th...

Show from 2026-07-17 Host Jeremy Schwartz and Professor Siegel discuss softer-than-expected CPI and PPI readings, the renewed rise in oil and gasoline prices, and the possibility that higher energy costs could reverse some recent inflation progress. The Prof says the latest data reduces the likelihood of an immediate Fed hike, but warns that persistent strength in oil, gasoline and the money suppl...

Show from 2026-07-10 Host Jeremy Schwartz is joined by Chris Gannatti and Jeff Weniger for a wide-ranging discussion on the latest developments driving technology markets and the economy. The group examines surging AI infrastructure spending, demand for memory chips, expectations for another strong earnings season, and the growing investment cycle surrounding data centers, hyperscalers and physica...

Show from 2026-07-02 Host Jeremy Schwartz and Professor Siegel discuss the latest jobs report, noting downward payroll revisions, an unusually sharp decline in labor force participation, and why broader labor market data still points to a steady economy rather than a significant slowdown. Professor Siegel also explains why lower oil prices and easing commodity inflation could keep the Fed on hold...

Host Jeremy Schwartz and Professor Siegel discuss the sharp rotation from growth into value, falling oil prices, stronger-than-expected economic data, and the implications of rising memory chip costs across the technology sector. Professor Siegel also shares his view that lower energy prices should help keep inflation contained, making additional interest rate hikes this year unlikely, while highl...

Show from 2026-06-19 Host Jeremy Schwartz and Professor Siegel discuss the Federal Reserve's latest meeting, the outlook for interest rates, and how falling oil prices could influence inflation, monetary policy, and investor sentiment in the months ahead. Professor Siegel explains why declining energy prices could lead to significantly lower inflation readings, shares his views on the political an...

Show from 2026-06-12 Host Jeremy Schwartz and Professor Siegel discuss the market’s positive reaction to a ceasefire agreement involving Iran, the reopening prospects for the Strait of Hormuz, and the potential impact of lower oil prices on inflation and economic growth. The Prof also highlights the highly anticipated SpaceX IPO, the wealth creation it could generate for investors, and previews ne...

Show from 2026-06-05 Host Jeremy Schwartz and Professor Siegel discuss the surprisingly strong jobs report, the implications for upcoming Federal Reserve policy, and continued strength in equity markets despite geopolitical tensions and questions around productivity gains from AI. Professor Siegel also comments on international diversification, the dominance of U.S. technology companies, and the d...

Show from 2026-05-29 Host Jeremy Schwartz and Professor Siegel discuss easing oil prices, lower Treasury yields, AI-driven market strength, recent economic data, and why investors should compare stock earnings yields to real bond yields rather than nominal bond yields. Professor Siegel notes that growth remains positive with no signs of recession, while also highlighting stronger money supply grow...

Show from 2026-05-22 Host Jeremy Schwartz is joined by Sam Rines, Jeff Weniger, Chris Gannatti and Jon Flynn to discuss geopolitical developments surrounding Iran negotiations, China’s growing pushback on ADRs and solar exports, and contrarian opportunities emerging in India, Europe and gold amid heavy investor outflows. The group also explores Nvidia’s latest earnings, the government’s new invest...

Show from 2026-05-15 Host Jeremy Schwartz and Professor Siegel discuss the market reaction to President Trump’s summit with China, with the Prof calling the outcome a disappointment due to tensions around Taiwan, limited progress on Iran and weaker-than-expected economic deals. Professor Siegel also highlights rising oil prices, higher long bond yields and the resilience of the U.S. economy despit...

Show from 2026-05-08 Host Jeff Weniger and Professor Siegel discuss a much stronger than expected jobs report, the implications for Fed policy and interest rates, and how resilient AI-driven earnings growth continues to support equity markets despite geopolitical uncertainty and elevated oil prices. The Prof also comments on valuations, the declining energy intensity of the economy, and why he wou...