The U.S. consumer continues to show surprising strength.

In today’s Markets with Megan, Megan Horneman breaks down the March retail sales report and explains why consumer spending came in much stronger than expected. Headline retail sales rose 1.7% in March, marking the biggest monthly increase in a year, while core measures also pointed to broad-based strength.

Megan walks through what was driving the spending, from gasoline and autos to more discretionary categories like furniture, electronics, dining out, and online shopping. She also explains why this report matters, what tax refunds may have contributed, and why weak consumer sentiment still is not showing up in actual spending behavior.

Key topics covered:

March retail sales data
Core retail sales strength
Consumer resilience despite high gas prices
Discretionary spending trends
Tax refunds and spending activity
Consumer sentiment vs. actual behavior

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📺 For a full history of this podcast, visit: https://marketswithmegan.fm

#MarketsWithMegan #RetailSales #ConsumerSpending #Economy #USEconomy #EconomicData #MarketCommentary #Investing #RetailData #ConsumerStrength #Inflation #TaxRefunds #MarketInsights

https://youtu.be/uhzk-RZyoFk

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 c...

A geopolitical shock doesn’t stay on the map, it shows up in the data. Today we walk through fresh manufacturing and business activity numbers that hint the war with Iran is starting to ripple into the US economy, especially through supply chain disruptions and rising input costs. If you track markets, inflation, or economic growth, these small releases can be the early signal before bigger indicators catch up.

We start with industrial production, which comes in weaker than expected with a 5.5% monthly decline. The detail matters: autos take the biggest hit, a classic sign of parts delays and shipping friction. At the same time, we see strength in computers and electronics and in defense, a reminder that AI spending and strategic demand can stay resilient even when other sectors slow. Utilities move higher too, adding another layer to how uneven this moment is across the economy.

Then we dig into the New York Fed Business Activity Index, formerly the Empire State Manufacturing Index. The business climate drops sharply, supply availability falls hard, and the prices paid component jumps to the highest level since 2022, with elevated expectations looking six months out. That combination raises a key question: how much of this supply chain stress turns into sustained inflation pressure, and what does that mean for consumers and future growth? If you found this helpful, subscribe, share the show, and leave a review, what signal are you watching most closely right now?

https://youtu.be/WwolsdWQTQc

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 c...

The housing market is starting to show signs of stress again.

In today’s Markets with Megan, Verdenec CIO Megan Horneman dissects the latest housing data and explains how rising mortgage rates, higher material costs, and Middle East conflict concerns are beginning to weigh on both builders and buyers.

Get insights on:

• The sharp drop in home builder confidence in April
• Why mortgage rates have climbed to a seven-month high
• How supply chain concerns are pushing up building material costs
• Why existing home sales fell to a nine-month low
• What rising Treasury yields and inflation pressures mean for housing going forward

Housing has already been one of the most rate-sensitive parts of the economy, and this latest data suggests it may remain under pressure as inflation and geopolitical risks continue to build.

Subscribe for more. And for a full history of this podcast, visit: https://marketswithmegan.fm

#MarketsWithMegan #HousingMarket #MortgageRates #Inflation #HomeBuilderConfidence #ExistingHomeSales #TreasuryYields #RealEstateMarket #EconomicOutlook #MarketUpdate #MiddleEastConflict #InterestRates

https://youtu.be/3AO-23cyjfU

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 c...