Welcome to 2026. We’re kicking off the year by unpacking one of the most surprising market environments in recent history.

In this episode of Markets with Megan, Megan Horneman recaps 2025, a year marked by economic headwinds, weak job growth, stubborn inflation, and global uncertainty, yet one that still delivered strong returns across equities, bonds, and commodities.

Despite muted job creation and rising unemployment, the U.S. economy posted solid growth, consumers kept spending, and markets responded to easing monetary policy rather than gloomy headlines. Rate cuts from the Fed and global central banks fueled momentum in technology, gold, and international markets, while investors finally saw long-awaited rotation into small caps, mid caps, and non-U.S. equities.

📈 In this episode:
➡️ Why markets thrived despite economic weakness
➡️ How rate cuts reshaped investor behavior
➡️ The rotation away from U.S. mega-cap tech
➡️ Why international and emerging markets outperformed
➡️ What drove the explosive rally in gold and silver
➡️ Key takeaways investors should carry into 2026

With precious metals posting record highs, bonds delivering their third straight year of gains, and global diversification finally paying off, 2025 reminded investors that markets don’t move on headlines — they move on policy, liquidity, and expectations.

🎧 Explore the full podcast archive:
👉 https://marketswithmegan.fm

🔔 Subscribe, hit the bell, and follow along as we break down the economic data and market-moving events that will shape portfolios in 2026.

#MarketsWithMegan #MarketOutlook #2025Markets #Investing #FederalReserve #InterestRates #GlobalMarkets #Gold #Equities #Bonds #EconomicData #Macro #WealthManagement

https://youtu.be/7w-xAin5bG8

Disclaimer: material was prepared by Verdence Capital Advisors, LLC (“VCA”). VCA believes the information and data in this document were obtained from sources considered reliable and correct and cannot guarantee either their accuracy or completeness. VCA has not independently verified third-party sourced information and data. Any projections, outlooks
or assumptions should not be construed to be indicative of the actual events which will occur. These projections, market outlooks or estimates are subject to change without notice. This material is being provided for informational purposes only and is not intended to provide, and should not be relied upon for, investment, accounting, legal, or tax advice. Past performance is not a guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product or anynon-investment related content, made reference to directly or indirectly in these materials will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. You should not assume that any
discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from VCA. Due to various factors, including changing market conditions and/or applicable laws, the co...

As we wrap up the year, we’re trading headlines for holiday wishes. 🎄

In this special year-end episode of Markets with Megan, Megan Horneman shares her “12 Days of Christmas” market wish list for 2026. It's a mix of realistic hopes, long shots, and conversation-starting ideas you can take straight to the holiday dinner table.

From interest rates and inflation to global markets, housing, earnings growth, and government policy, this episode walks through what could shape the year ahead, and why each of these wishes matters for investors.

Not all wishes come true, but understanding them helps you think more clearly about risk, opportunity, and diversification as we head into the new year.

🎧 Thanks for listening this year — and happy holidays from all of us at Markets with Megan.

👉 Explore past episodes and insights:
https://MarketsWithMegan.FM

To see Megan's White paper on the 12 Days of Christmas Wishlist for markets, go to: https://verdence.com/insight/christmas-wishlist-for-2026/

https://youtu.be/PpzlQDdGJdk

Disclaimer: material was prepared by Verdence Capital Advisors, LLC (“VCA”). VCA believes the information and data in this document were obtained from sources considered reliable and correct and cannot guarantee either their accuracy or completeness. VCA has not independently verified third-party sourced information and data. Any projections, outlooks
or assumptions should not be construed to be indicative of the actual events which will occur. These projections, market outlooks or estimates are subject to change without notice. This material is being provided for informational purposes only and is not intended to provide, and should not be relied upon for, investment, accounting, legal, or tax advice. Past performance is not a guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product or anynon-investment related content, made reference to directly or indirectly in these materials will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. You should not assume that any
discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from VCA. Due to various factors, including changing market conditions and/or applicable laws, the co...

Inflation finally delivered some encouraging signals — but the details matter.

Megan Horneman breaks down the November CPI report, which showed inflation continuing to cool on a year-over-year basis, even as data disruptions and missing monthly readings complicate the picture.

Headline CPI rose 2.7% year-over-year, while core inflation came in at 2.6%. Food prices, energy services, shelter, and medical services all remain elevated, reminding investors that sticky inflation pressures haven’t disappeared.

Markets are reacting optimistically, with growing expectations that the Federal Reserve could cut interest rates as early as January, but Megan explains why that confidence may be premature given the noise in government data and incomplete inflation readings.

📊 In this episode:

➡️ What the November CPI report really tells us
➡️ Why missing data matters for inflation trends
➡️ Which categories remain stubbornly high
➡️ Why markets are pricing in a Fed cut
➡️ What to watch in the full December inflation report

With cleaner data expected in January, the next CPI release could be far more decisive for Fed policy and market direction.

🎧 Explore the full podcast archive:
👉 https://marketswithmegan.fm

🔔 Subscribe, hit the bell, and share with anyone tracking inflation, rates, or the economy.

#Inflation #CPI #FederalReserve #InterestRates #EconomicData #FedWatch #Markets #Economy #Investing #MarketsWithMegan #FinancePodcast #Macro #MarketUpdate

https://youtu.be/0J3w0aYZiDo

Disclaimer: material was prepared by Verdence Capital Advisors, LLC (“VCA”). VCA believes the information and data in this document were obtained from sources considered reliable and correct and cannot guarantee either their accuracy or completeness. VCA has not independently verified third-party sourced information and data. Any projections, outlooks
or assumptions should not be construed to be indicative of the actual events which will occur. These projections, market outlooks or estimates are subject to change without notice. This material is being provided for informational purposes only and is not intended to provide, and should not be relied upon for, investment, accounting, legal, or tax advice. Past performance is not a guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product or anynon-investment related content, made reference to directly or indirectly in these materials will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. You should not assume that any
discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from VCA. Due to various factors, including changing market conditions and/or applicable laws, the co...