The relationship between monetary policy and the labor market is tenuous at best. Second, inflation, as they said, is exactly where they think it should be, and that seems to be proven out.

Right now you have to invest on Fed Directionality. Not magnitude. Earnings, which is going to be significant this year probably 10 to 12% and much more broad.

I expect more of that to happen this year because I think what we have is the same levels of support and growth, fed directionality, fiscal tailwinds, AI, but we also have another that GDP keeps on surprising to the upside.

We make investment decisions based on the fundamentals of stocks, companies, and the macro economy. When and if that changes... then we would make maybe tactical changes.