What’s Really Driving the Economy?

The economy is growing, the Fed is holding steady, and AI is quietly rearranging the furniture. In this episode of The Personal Wealth Coach, Jake McClure digs beneath the latest GDP numbers to see what’s actually pulling the economy forward, from consumer spending to a massive wave of investment in AI, data centers, chips, and the electric grid. He also looks at what’s dragging behind, including international trade, and why today’s economic expansion may look very different from the ones we’re used to.

Then it’s off to the Federal Reserve, where holding interest rates steady is only part of the story. Jake explores dissent inside the Fed, its activity in mortgage-backed securities and Treasuries, the pressure that may be keeping mortgage rates higher, and what policymakers may be signaling about rates ahead. Along the way, he tackles the fear of an AI bubble, the changing economics of Google searches and online advertising, Nobel Prize-winning economic ideas, America’s increasingly complicated tax code, and why long-term optimism can coexist with some very real short-term bumps. It turns out the economy may not be riding the same old train after all.

This episode was recorded on October 30, 2026.

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** The information provided in this episode is for educational purposes only and should not be considered investment advice. We are “The Personal Wealth Coach,” which is also the name of an SEC-registered investment advisory firm. However, being registered with the SEC does not authorize us to provide investment advice. Investment advice should be personalized, offered in a private setting, and be in the best interests of the individual as a fiduciary. If we make any fraudulent statements, you should report them to the SEC. The information presented in this educational episode has been obtained from sources that we deem to be reliable, but we make no warranty or guarantee as to the completeness or accuracy of said information.