Ep. 81: Fed Guidance, the K-Shaped Economy & the AI Investment Boom, with Fundstrat Economics Strategist Hardika Singh (recorded 08/12/26)

In episode 81, hosts Talley Leger and Jim Worden of The Wealth Consulting Group welcome Hardika Singh, economics strategist at Fundstrat and a former Wall Street Journal and Bloomberg reporter, for a wide-ranging conversation. The group discusses how a shift away from traditional Fed forward guidance may be adding uncertainty to markets, why the economy appears to be splitting along income lines (the so-called “K-shaped economy”), and how heavy AI-related capital spending is showing up in tech earnings and the bond market. They also compare notes on how to think about highly ambitious, early-stage companies as a category, and what labor-market and demographic shifts could mean for advisors working with clients navigating a generational wealth transfer.

- Hardika Singh suggests that pulling back on forward guidance may be adding to bond-market uncertainty, since investors have historically relied on that guidance to set expectations. In her view, the underlying data doesn't clearly support a rate hike right now.

- The group discusses the “K-shaped economy,” a pattern where higher-income consumers and large tech companies continue to show strength, while smaller businesses and lower-income households appear more pressured by inflation and higher rates.

- Heavy AI-related capital spending is showing up in the earnings and debt markets of large technology companies, which the group discusses as a potential signal worth watching for the broader economy.

- The conversation touches on how to think about highly ambitious, early-stage companies as a category, including the idea that a small number of “moonshot” bets have historically paid off for a handful of large companies, with a caution that valuation and timeline expectations still matter.

- Hardika Singh points to soft wage growth as a reason she isn't currently concerned about a wage-driven inflation spiral, even against recent jobs data some have read as strong.

- The episode explores record levels of cash sitting in savings, money markets, and CDs, and discusses possible reasons this cash hasn't moved into markets the way some expected.

- Hardika Singh notes that women are expected to be significant beneficiaries of the coming generational wealth transfer, and suggests advisors build those relationships early.

Hosts: Talley Leger, Chief Market Strategist, The Wealth Consulting Group & Jim Worden, Chief Investment Officer, The Wealth Consulting Group.

Guest: Hardika Singh, Economics Strategist, Fundstrat.

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