Rate cuts incoming - and the logic has completely flipped.

Old playbook: Economy runs hot → unemployment drops → inflation spikes → Fed hikes rates to cool things down.

New Fed Chair Kevin Warsh's thesis: AI-driven productivity boom = lower costs + higher output = deflationary growth at scale.

No inflation threat = Fed should cut rates and flood capital into real economy and R&D.

This is the macro shift that changes everything for risk assets. Watch liquidity.