Markets closed 2025 with strong gains, surprising many who expected recession risk and tariff-driven disruption. On this episode of The Lebenthal Report, Michael Hartzman and Dominick Tavella break down what drove the year’s resilience, why AI and data centers could dominate the 2026 narrative, what to expect from interest rates and the Fed transition, and how a potential wave of tax refunds could provide meaningful stimulus early next year.
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