The market is acting in ways that make it very hard to get a handle on what exactly is going on right now. The overall indices are surging, while many individual stocks are doing badly. Rates are rising, but the economy is still robust. There's capex spending and the AI trade. There's the war in Iran. And of course there's persistent inflation and the Federal Reserve's ongoing tightening cycle. On this episode, we speak with our former Bloomberg News colleague Luke Kawa, who is now head of markets at Sherwood News. We go over all the big market themes, and he explains why the one consistent theme of this moment is the sheer speed of the moves and the pace of the news itself.

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