Fed was clear: for further cuts, need weakness in labor market. They've signaled an extended pause.

We think the labor market will rebound next year. A lot of inflation is tariff-induced, which should fade.

We still expect one more cut next year. Timing is less certain, depends on data.

We see it as a risk and a concern if we lose Fed independence; you would see longer-dated yields rise.

We still like investment grade credit. Spreads have tightened too much in high yield. We also like corporate hybrids.

We still like equities given our growth and earnings expectations. Fixed income has a role, but we see upside in equities.