The narrative has become so pervasive that tariffs have no impact on prices that when inflation actually goes up from these tariffs I do think we can risk off some The Fed will have to be forceful too and maybe they’re just too captured to care at this point But it’s a risk

@hump_bear But it’s very counter to equity market narratives that the Fed could refuse to cut at all and just be more vocal about a commitment to inflation Powell would just need to hold and emphasize the inflation side of the mandate. Doesn’t have to be Volcker

@WaterworldCapi1 2022-24 you’d see durables / home improvement spend fade when oil would spike, and then come back after as consumer wallet after gas purchases, recovered Just an idea. Probably wrong. But could see something like that