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Megan Horneman
Verdence Capital Advisors
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Megan Horneman (Verdence Capital Advisors) tells the anchor the market is too optimistic about the Fed, whose officials remain hawkish, and that an as-expected CPI is not good enough to reach target.
I think the market's getting too optimistic about this Fed and what they're going to do in the coming months. I think that they're still very hawkish in their comments.
Megan Horneman (Verdence Capital Advisors) tells the anchor a rate hike at the Fed's September 2026 meeting is very much on the table and that, in her opinion, the Fed should hike.
I still think that's very much on the table. I mean, in my opinion, I think they should.
Megan Horneman (Verdence Capital Advisors) tells the anchor that 63 straight months of inflation above the Fed's target prove current policy is not working and inflation is still way too high.
I think we've had 63 months now of the inflation not at the Fed's target. Whatever they're doing has not been working.
Megan Horneman (Verdence Capital Advisors) tells the anchor the real fed funds rate is not really in restrictive territory and system liquidity is inflationary, so current policy will not get inflation to 2%.
The real Fed funds rate is not really in restricted territory.
Megan Horneman (Verdence Capital Advisors) tells the anchor that earnings growth expectations for the rest of 2026 and for 2027 price a perfect scenario and have a lot of room to come down.
I think that there is a lot of room that earnings expectations could come down. That's a big risk that we have here.
S&P 500 since this was said: ▼ -1.0% · 7,799 → 7,719 · as of 2026-09-04
Megan Horneman (Verdence Capital Advisors) tells the anchor long-term bonds are a big risk right now, citing the highest 10-year auction yield since 2007 and a 30-year likely at the highest since ~2001, so investors should keep duration short.
Long-term bonds right now are a big risk, in our opinion.
Megan Horneman (Verdence Capital Advisors) tells the anchor that AI capex spending will not continue at this pace forever, though she cannot say when it will turn or peak.
We don't know when this is gonna turn, we don't know exactly when this is gonna peak, but the spending pace isn't gonna continue forever.
Nasdaq since this was said: ▼ -1.1% · 26,803 → 26,507 · as of 2026-09-04
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