2 Question Tuesday Presented by Focused Wealth Management

5/19/2026 - What’s your reaction to the surge in the Producer Price Index? What’s going on in the bond market?

Phil, Mike, and Larry discuss how the Iran War caused a spike in the Producer Price Index, a key inflation number. In April, the PPI rose 1.4 percent, the fastest one-month increase in four years, and jumped 6 percent from a year ago, nearly triple what forecasters had expected. They then talk about how inflation fears caused a global bond rout which pushed the yield on the 10-year Treasury bond past 4.6% to hit its highest point in 15 months. Submit your questions to question@2questiontuesday.com [question@2questiontuesday.com] As always, if you have any questions at any time, please feel free to call your adviser directly at (845) 691-4035.

5/12/2026 - What do the jobs numbers tell us about the economy? How will the market and interest rates react to Kevin Warsh becoming Fed Chair?

Phil, Mike, and Larry discuss Friday’s jobs report which said nonfarm payrolls rose 115,000 in April, down from the 185,000 created in March, and what these numbers tell us about the economy. Then they talk about the expectation that the Senate will confirm Kevin Warsh as Federal Reserve chair for a four-year term this week, how this will affect interest rates, and what the market reaction will be. Submit your questions to question@2questiontuesday.com [question@2questiontuesday.com] As always, if you have any questions at any time, please feel free to call your adviser directly at (845) 691-4035.

5/5/2026 - How will rising inflation change consumer spending contributions to GDP? Do deficits matter?

Phil, Mike, and Larry discuss while gross domestic product grew 2% in the first quarter, the geopolitical situation risks tempering growth as inflation-weary consumers become more guarded, and how will this change the consumer spending contribution to GDP. They then talk about whether deficits matter after Fitch Ratings warned the market that the US’s credit rating faces the challenges of a widening deficit that leaves its debt burden “far above” other nations that share its AA score. Submit your questions to question@2questiontuesday.com [question@2questiontuesday.com] As always, if you have any questions at any time, please feel free to call your adviser directly at (845) 691-4035.

4/28/2026 - If gas prices stay high until 2027 what effect will this have on the economy? What do you think about Kevin Warsh wanting a new approach to measure inflation?

Phil, Mike, and Larry discuss Energy Secretary Chris Wright’s comments about how gas prices could remain elevated until 2027 and what long-term effects this will have on the economy? They then discuss President Trump’s nominee to head the Federal Reserve, Kevin Warsh, and his desire to have the Fed adopt a new approach to measuring inflation called trimmed averages, and if this just about shifting the goalposts to make it easier to cut rates? Submit your questions to question@2questiontuesday.com [question@2questiontuesday.com] As always, if you have any questions at any time, please feel free to call your adviser directly at (845) 691-4035.

4/21/2026 - Why is the stock market rallying despite the Iran war? What does it mean for the securities industry that the SEC’s head of enforcement resigned?

Phil, Mike, and Larry discuss the stock market’s huge rally on the possibility of a peace agreement in the Iran War, even though the aftershocks of the oil crisis haven’t hit yet and will potentially affect the global economy in a negative way. They then talk about the abrupt resignation of the SEC’s head of enforcement, just six months into her term, raising questions about the agency’s ability to root out financial wrongdoing. Submit your questions to question@2questiontuesday.com [question@2questiontuesday.com] As always, if you have any questions at any time, please feel free to call your adviser directly at (845) 691-4035.