Facts vs Feelings with Ryan Detrick & Sonu Varghese
This podcast takes a deep dive into the market-moving events to cut through the noise and help you identify what really matters. Facts vs Feelings is hosted by Chief Market Strategist, Ryan Detrick and VP, Global Macro Strategist, Sonu Varghese, and is a product of the Carson Investment Research Team.
The information included herein is for informational purposes and is intended for use by advisors only, and should not be copied, reproduced, or re-distributed without the consent of CWM, LLC. Carson Partners offers investment advisory services through CWM, LLC, an SEC Registered Investment Advisor. Carson Coaching and CWM, LLC are separate but affiliated companies and wholly-owned subsidiaries of Carson Group Holdings, LLC. Carson Coaching does not provide advisory services.
Facts vs Feelings with Ryan Detrick & Sonu Varghese
Talking About Everything With Skanda Amarnath (Ep. 136)
In the latest episode of Facts vs Feelings, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist, are joined by returning guest Skanda Amarnath, Executive Director of Employ America, as they dive deep into macroeconomic dynamics, market reactions, and policy shifts.
Together, they examine inflation metrics, shifting recession probabilities, the role of tariffs, and the evolving landscape of productivity and AI-related capital investment. Skanda brings grounded clarity on interpreting economic data without succumbing to noise or sensationalism, offering practical insights for advisors and investors alike.
Key Takeaways:
- PCE vs CPI for Tracking Inflation:
CPI gets more attention due to its simplicity and timing, but the Fed prioritizes PCE. Skanda emphasizes that CPI may be better for gauging immediate market sentiment, while PCE is conceptually stronger for long-term economic trends. - Macro Noise & Recession Probability:
Macroeconomic forecasting in today’s environment is fraught with uncertainty. Constant updates from institutions and media (e.g., fluctuating recession odds) highlight the need for discipline in economic modeling and scenario planning. - Economic Resilience Remains Strong:
Despite shocks from trade policies and tariffs, data like payroll growth and strong consumer balance sheets suggest the U.S. economy remains fundamentally sound. - Tariff Impacts on Inflation and Growth:
Tariffs increase costs that are typically passed through to businesses and consumers; however, much depends on the magnitude. Unilateral trade policies introduce substantial risk and uncertainty for exporters and investors. - AI-Driven Productivity Is Real — But Vulnerable:
Capital expenditures in Q1 were strongly influenced by AI infrastructure investments. While this is currently a major tailwind for GDP and productivity, overreliance on one sector (like tech) can create future vulnerabilities if momentum shifts. - Why Lower Oil Prices Haven’t Translated to Relief at the Pump
Oil prices are down, but gas prices haven’t followed suit. Sonu dove into that topic in his recent blog: https://www.carsongroup.com/insights/blog/why-lower-oil-prices-havent-translated-to-relief-at-the-pump/
Connect with Ryan:
• LinkedIn: Ryan Detrick
• X: @ryandetrick
Connect with Sonu:
• LinkedIn: Sonu Varghese
• X: @sonusvarghese
Connect with Skanda:
• X: @IrvingSwisher
Questions about the show? We’d love to hear from you! factsvsfeelings@carsongroup.com
#FactsVsFeelings #Macroeconomics #Inflation #CPI #PCE #RecessionWatch #EconomicForecast #AIInvestment #ProductivityGrowth #Tariffs #FinancialMarkets #EmployAmerica #RyanDetrick #SonuVarghese #SkandaAmarnath
