Market Snapshot: Is Productivity Driving Growth? Featuring Tom Porcelli, Wells Fargo

In Episode 03 of Market Snapshot, SIFMA President and CEO Kenneth E. Bentsen, Jr. and Head of Research Heidi Learner are joined by Tom Porcelli, Chief Economist at Wells Fargo, to discuss the latest forces shaping markets. Against the backdrop of a surprise CPI release and Fed Chair Kevin Warsh’s first congressional testimony, the conversation explores the underlying strength of the labor market, inflation dynamics, the path for monetary policy, and what current Treasury yields suggest about growth, fiscal risk, and market expectations. Porcelli also discusses whether recent productivity gains are being driven more by reduced hours worked than by AI, and what investors and policymakers should watch in the months ahead.