Everyone Feared Recession. His Data Said Otherwise | US Bank CIO Eric Freedman on What It Says Now

Eric Freedman, Chief Investment Officer at US Bank Wealth, joins Excess Returns to discuss markets, the economy and his investment process. Freedman shares his “control the controllables” investment framework, why he’s maintained a glass-half-full view on the U.S. economy, and how data—not emotion—drives portfolio decisions. The conversation covers macro trends, inflation, the Fed, AI, valuation, and how to stay disciplined as an investor. Topics covered: Data-driven investing and the “control the controllables” framework Why the U.S. consumer remains resilient Inflation outlook and how sticky prices impact portfolios The Fed’s next moves and what investors should watch Global diversification and the case for international stocks How to think about inflation protection and real assets The diffusion of AI and separating winners from pretenders Market concentration, valuations, and managing risk Life lessons from a CIO: discipline, process, and informed decision-making Timestamps: 00:00 Introduction 03:00 Controlling the controllables 06:00 Why Eric remains optimistic on the economy 10:00 How portfolio decisions flow through US Bank 15:00 Data-driven insights vs. gut feel 18:00 Consumer strength and scorecard 22:40 Inflation outlook and Fed challenges 30:00 Bond market risk and the “Brazilian steakhouse” analogy 34:00 Global competition and diversification 38:00 Inflation protection and real assets 41:30 The reality of AI and productivity 47:00 Market concentration and the Mag 7 52:00 Valuations and long-term returns 55:45 Lessons for investors