Consumers Feel Great, Their Savings Do Not | S3 E114 | 01-23-2026

Markets with Megan: A Quick Financial Markets Update · Jan 23, 2026 · 4m · transcript

Markets rarely move on one number, and this week offered a full mosaic. We break down a stronger third estimate for Q3 GDP, why equipment and intellectual property investment matter more than headlines suggest, and how net exports turned from a drag into a modest lift. Then we pivot to the Fed’s preferred inflation gauge—core PCE at 2.7 percent year over year—where progress is real but the finish line isn’t crossed. That sets the policy backdrop for a quarter that might still print above 5 percent growth, testing the market’s assumptions on timing and depth of rate cuts.

From the consumer’s…