The Point for North America

Research evidence excerpt

The Point for North America

Point |

Monday, 22 June 2026

Morning Call Highlights | Company | Industry | Economics & Strategy | Key Rating and Target Price

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PULSE Monitor - A Hawkish Start North America Road Ahead 2026 -

The first Fed meeting with Chair Warsh in place has set the tone to future Fed Navigating a Multi-Lane Highway

proceedings, at least for now. A hawkish bias unfolded from a seeming

commitment to price stability, via a 2% inflation target. Wi half of the Fed

governors leaning toward a hike, the resultant market impact was to lift rates, the

USD and sell equities. We suspect that this story line still has several paths to go

down. Oil futures are telling us there is more confidence in a gradual unwind of the

Iran situation. Citi economists remain concerned about the labor condition, as do

we. Still, the inflation concern is understandable and justifiable. Thus, we expect

the rate discussion to persist through the summer month. Our year-end target

doesn't necessarily need materially lower Fed Funds but the broadening playbook

would certainly benefit from it, particularly as new equity supply remains an issue.

Scott T Chronert | Patrick Galvin, CFA | Drew Pettit

Veradermics, Incorporated (MANE.N) - Female pattern hair loss opportunity

provides significant optionality; excluded from Street models

We view Veradermics' lead drug VDPHL01 as increasingly de-risked following

strong phase 2/3 data in male pattern hair loss (PHL; note here and here). That

said, a major underappreciated opportunity comes from female PHL, which is not

assumed in Citi or consensus models. Indeed, recent KOL discussions point to

rising female hair-loss volumes over the past ~5 years with high treatment-