Familiar stories, new characters

A stock market bubble being powered by narrow leadership in the midst of runaway inflation that requires a return to rate hikes. Or at least that’s become the narrative once again.

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Chris Cherepuschak

Portfolio Manager & Wealth Advisor

August 4, 2026

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A stock market bubble being powered by narrow leadership in the midst of runaway inflation that requires a return to rate hikes. Or at least that’s become the narrative once again. These themes have become fairly recurring since the start of 2023. But the nuances and characters in the current version of these storylines are different, and the overall reality is not what it might seem.