Leaders at the Bell with Marta Norton, Empower, March 23, 2026

Marta Norton, Chief Investment Strategist at Empower, an asset manager overseeing approximately two trillion dollars, joined FEMACRO at the New York Stock Exchange to discuss the volatile market conditions stemming from escalating geopolitical tensions. Speaking on March 23, 2026, Norton addressed the immediate concerns surrounding the US-Israel military actions against Iran and their impact on global energy markets and inflation expectations. She explained that oil shocks typically pass through the US economy relatively quickly, causing temporary inflation spikes over several months rather than permanently altering long-term forecasts, though bond markets had pushed the ten-year Treasury yield above 4% in late February reflecting these near-term inflation fears. Norton noted that while recession is not her base case scenario, the situation warrants careful monitoring given weakening labor market fundamentals.

Norton provided insight into employment trends, noting that hiring has narrowed considerably with job gains concentrated primarily in healthcare. She suggested that artificial intelligence may be indirectly affecting hiring decisions as companies reassess their staffing needs, though AI has not yet triggered widespread layoffs. Regarding gold, which had surged above 5,000 before pulling back, Norton emphasized its technically driven nature and momentum factors, particularly central bank accumulation. On digital assets like Bitcoin, she acknowledged their growing mainstream acceptance in institutional portfolios while cautioning that their lack of underlying cash flows makes them more unpredictable than traditional assets. Norton recommended limiting cryptocurrency allocations due to their heightened volatility compared to stocks and bonds.