The Inflation Data Doesn’t Match The Real Economy, Here's Why | David Rosenberg
Sep 15, 2026 Market Updates and Analysis
The 10-year Treasury yield touched 5% as markets priced a greater than 90% chance of a Federal Reserve rate hike. David Rosenberg says the market may be making a much bigger mistake by assuming the Fed will keep going.
Rosenberg, founder and president of Rosenberg Research, joins Kitco News anchor Jeremy Szafron to explain why he questions the latest payroll and core CPI readings, why slowing wage growth complicates the inflation narrative and why an oil shock is not necessarily durable inflation.
He also explains why he is buying 10-year Treasuries at 5%, what could trigger a major short-covering rally in bonds and why he believes the U.S. dollar is entering a long-term bear market. The conversation covers gold’s resilience, hard assets and the investment thesis behind the newly launched ROSY ETF with Corton Capital.
Recorded September 14 2026
Follow Jeremy Szafron on X: @JeremySzafron ( / jeremyszafron )
Follow Kitco News on X: @KitcoNewsNOW ( / kitconewsnow )
Follow David Rosenberg on X: @EconguyRosie ( / econguyrosie )
00:00 The 10-Year Hit 5% Right Before the Fed Decides
02:29 Why He Says the Jobs and CPI Numbers Look Spurious
04:51 This Isn't Inflation, It's an Oil Shock
08:50 The One Number He Says Settles It
11:20 Why a Rate Hike Is Just the Fed Flexing
17:14 He Agrees the Fed Is Repeating the ECB's 2008 Mistake
20:24 Why He's Buying Treasuries at 5%
23:39 The Treasury's Hidden Power Over Your Yields
31:01 Why Gold Is His Long-Term Dollar Hedge
36:11 Why He Owns Tangible Assets You Can Touch
39:33 Why He Put 40 Years of Research Into a Fund
48:14 Why You Shouldn't Judge a Portfolio Day to Day
#DavidRosenberg #FederalReserve #TreasuryYields
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