Contentious thesis Inflation is easing under Trump, with underlying price pressures improving beyond headline CPI and gasoline. The Fed remains too restrictive. As I’ve argued for months, inflation is quietly moderating while growth is quietly accelerating. With the Iran conflict ending, yields retreat, markets shift fully risk-on, and asset prices move higher. 1. Expect choppiness through the midterms. My 2027 S&P 500 target: 10,000. 2. Rates fall and the yield curve normalizes through a bull steepener. Yields are now falling! 3. Breadth expands. Watch the equal-weight S&P 500. 4. Capital rotates into rate-sensitive areas: financials, housing, real estate, small caps, airlines, rails, and consumer discretionary. 5. High-quality Tech and AI names still have room to run, stock selection now matters. 6. Crypto enters a supercycle. 7. Ignore the noise.