Week Ending: September 18th, 2026

First Rate Hike in Three Years Calms Bond Vigilantes for Now. The Federal Open Market
Committee (FOMC) hiked rates this week to 3.75-4% and suggested another hike to come by the end of
the year as inflation remains well above their comfort levels. Markets generally responded well to the
news. The chair indicated that recent data indicates a strong economy and labor market and made the
move to support price stability. Economic data confirmed the FOMC’s view that the economy is on
solid footing. Retail sales were extremely strong, rising 1.2% month-on-month versus forecasts for
0.8% and import prices came higher than expected while export prices missed their mark. Initial
jobless claims and continuing claims were much lower than forecast, indicating strength in the labor
market. Housing starts and building permits missed expectations, showing that housing remains a
weak link. On Friday, industrial production, capacity utilization and the Conference Board leading
index all missed forecasts slightly.

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Gina Martin Adams, CFA, CMT

Chief Market Strategist, Shareholder

Gina Martin Adams, CFA, CMT, is the Chief Market Strategist for HB Wealth. With more than 25 years of experience at leading global financial institutions, Adams brings deep expertise in market analysis, thematic research, and translating complex economic trends into actionable strategies. She collaborates with HB Wealth’s investment team to deliver timely market perspectives, share actionable insights, and enhance the firm’s visibility as a leading voice in the industry. She contributes to advancing proprietary research, supporting the development of new investment products, and enhancing the client experience through thought leadership and education. She pursues a top-down perspective and model-based approach, leveraging fundamental, technical, and quantitative perspectives to inform investment decisions, and frequently presents her views in the media and at industry conferences, professional associations and investment organizations.

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Michael Casper, CFA

Director, Senior Market Strategist

Matthew Sanders

Senior Investment Research Analyst

A person wearing a dark suit, white shirt, and blue tie stands in front of a blurred background. They have short hair and a neutral expression.

Max Hurd, CFA

Associate, Investment Research

A person with short brown hair and a beard is smiling while wearing a gray suit, a light blue shirt, and a patterned tie. The background is softly blurred but appears to depict a modern interior setting.

Adam Shealy, CFA

Senior Market Strategist, Director of Fixed Income

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