Policy still misunderstood - Fed did growth negative stuff first, now looking at growth positive stuff

We had a rolling recession in private economy - housing, durable goods, consumer goods, commodity sectors, transportation all suffered

Fed needs to cut rates and provide balance sheet expansion

Need clear path of Fed cuts, not meeting-by-meeting approach

Market correction well advanced - momentum stocks, crypto down 30% showing liquidity concerns

Balance sheet needs to expand to support financial markets and better growth

7800 target dependent on Fed cutting rates and balance sheet expansion

AI investment premise is higher productivity and adoption

Market enforcing discipline on AI spenders, healthy dispersion in performance

Fed not independent of markets or government funding requirements