RenMac Off-Script: There Is An Alternative

RenMac breaks down the Fed’s unanimous rate hike, why Kevin Warsh’s first move suggests the tightening cycle may have further to run, and what increasingly restrictive real rates could mean for markets and the economy. The team discusses a resilient consumer facing mounting pressure from higher food, energy and borrowing costs, the continued unwind in tech and momentum, and why 5% Treasury yields are creating a real alternative to equities. They also explore the upcoming Trump-Xi meeting, the politics surrounding AI data centers, emerging-market opportunities, and what rising rates and shifting leadership could signal for the next phase of the market cycle.