Maggie Lake Talking Markets Episode 28: The New Fed Chair is Oil. With Peter Boockvar
12 snips
Mar 18, 2026 
Peter Boockvar, CIO at One Point BFG Wealth Partners and author of The Boock Report, offers macro and market analysis. He explains why oil now drives policy and markets. He covers AI’s strain on free cash flow, risks from war-driven commodity spikes, stagflation concerns, private credit vulnerabilities, and where to find diversification in energy and agriculture.
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Don't Assume Equities Price In Commodity Inflation
- Do not assume equities have priced in sustained higher commodity-driven inflation.
- Boockvar points out the S&P at ~21x and 10-year yields low relative to likely inflation, so expect multiple compression.
Wholesale Inflation Can Clog The System
- Wholesale price pressures can hide behind muted CPI but still harm margins and hiring.
- Boockvar warns PPI is worsening and clogged price pressures reduce firms' incentive to hire despite calls for rate cuts.
AI Disruption Is Real But Net Job Impact Is Unclear
- AI will be disruptive but its net labor effect is still uncertain and may create new jobs over time.
- Boockvar uses historical technological progress to argue jobs will ultimately be created even if some roles disappear.