Given the statement by Waller and Mary Daly, it's getting very close to near certain for December rate cut

Once the market probabilities are this high, they usually follow through. The Fed can afford to wait and see if labor market deterioration continues or if we see more pick-up in inflation

Tech spending that's now not funded by cash flows alone and they're raising debt, so it is starting to be relevant for tech stocks also

This year for the first time we saw capital spend by hyperscalers and tech semiconductor companies actually show up in GDP data, contributing about 1%

We are quite concerned about inflation being one of the most significant risks for us in 2026

Inflation rate is not back to target and we're going to see fiscal spending from US administration including Trump's $2,000 checks as tariff payback to consumers