Dennis DeBusschere: Survey Says This Is “The Luckiest Economy" In History

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Apr 22, 2026

Dennis DeBusschere, president and chief market strategist at 22V Research, explains why markets keep climbing amid global shocks. He digs into surprising economic resilience, fiscal rebates and liquidity support. He highlights AI-driven profit upside, sector rotation toward AI-related cyclicals and services, and rising expectations of tighter Fed policy.

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INSIGHT

Surprising Economic Reacceleration Boosting Markets

The market's resilience is driven by surprising reacceleration in consumer spending, manufacturing, and low claims despite geopolitical shocks.
Dennis DeBusschere cites stronger-than-expected retail sales, ISM data, and bank commentary as concrete evidence of that reacceleration.

INSIGHT

Fiscal Rebates Are Masking Energy Pain

Fiscal rebates are offsetting higher energy costs and propping up consumer spending in the short term.
Dennis points to ongoing tax rebates and direct fiscal support as the simple explanation for unexpectedly strong consumption despite soaring oil.

INSIGHT

Eased Financial Conditions Fuel Everything Rally

Easing financial conditions plus anchored long-term inflation expectations favor risk assets and 'junkier' equities.
DeBusschere argues that easier conditions and belief in profit growth tied to AI make shorting the rally risky.

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Danny Moses welcomes back 22V Research president and chief market strategist Dennis DeBusschere to discuss why markets are making new highs despite war in Iran, soaring oil, tariff uncertainty, and a partial government shutdown. DeBusschere cites surprising economic resilience, fiscal rebates, and “non-QE QE” liquidity as supports, while warning that an energy shock could pressure real incomes and that inflation remains the key constraint that could push yields higher if growth reaccelerates. They debate the “everything rally,” easing financial conditions, stronger-than-expected profit growth tied to AI, and sector positioning favoring AI-related early cyclicals and services while fading non-AI deeper cyclicals. DeBusschere shares 22V survey shifts toward more clients expecting Fed tightening. They also discuss 22V hires and Kalshi event-contract picks on S&P 500 levels, Fed cuts, and the Knicks, plus Danny's additional Kalshi trades tied to Jerome Powell’s status.

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