Sep 18, 2026 · 12 min · 8 segments
Madison and Wall's Brian Wieser and Luke Stillman dig into how the advertising business really works.
Brian WieserHostLuke StillmanHostFed not just rumored to raise rates, actually raised rates for the first time in a while and telegraphed another rate hike before the end of the year.
It'll be interesting to see whether, you know, how sustained this is and how impactful it is on the economy.
I mean, certainly diesel prices, other energy prices getting a little worse than they've been even for the rest of the Iran war.
We got European CPI as well, not quite as hot as it was in the U.S., potentially because European central banks started hiking at the start of the summer, not just now.
And I think that, you know, you've seen other banks, Japan, certainly we just got news of hawkishness on their part as well.
Now, I mean, I am of two minds on this and certainly have argued that a 5% 10-year treasury or, you know, cost of capital that might get embedded in various models is not a killer.
And I think the problem is what they represent in terms of the relative escalation of rates on the long end of the third year and what that suggests that the financial markets think about the mostly U.S. government plan around the economy.
And we also know how willing marketers are to stick to their annual plans, barring huge changes.
And so they're probably heading into, for a big marketer, their annual plans for 2027 right around now.
So maybe not the best time to have concerns about the economy, weaker sentiment.
Fed not just rumored to raise rates, actually raised rates for the first time in a while and telegraphed another rate hike before the end of the year.
It'll be interesting to see whether, you know, how sustained this is and how impactful it is on the economy.
I mean, certainly diesel prices, other energy prices getting a little worse than they've been even for the rest of the Iran war.
We got European CPI as well, not quite as hot as it was in the U.S., potentially because European central banks started hiking at the start of the summer, not just now.
And I think that, you know, you've seen other banks, Japan, certainly we just got news of hawkishness on their part as well.
Now, I mean, I am of two minds on this and certainly have argued that a 5% 10-year treasury or, you know, cost of capital that might get embedded in various models is not a killer.
And I think the problem is what they represent in terms of the relative escalation of rates on the long end of the third year and what that suggests that the financial markets think about the mostly U.S. government plan around the economy.
And we also know how willing marketers are to stick to their annual plans, barring huge changes.
And so they're probably heading into, for a big marketer, their annual plans for 2027 right around now.
So maybe not the best time to have concerns about the economy, weaker sentiment.
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