The next rate cuts won’t show up because something broke. They’ll show up while the economy is still expanding, and that’s what’s going to throw people off. Everyone’s been trained to read rate cuts as a recession signal, so cuts into a recession that isn’t coming reads as a contradiction. It is not a contradiction, and I encourage you to prepare for this possibility. Inflation is cooling on its own. And you won’t believe it because short term energy due to the war is driving inflation. But just wait… Also, AI is doing to productivity what the internet did in the mid-90s, output per worker rising faster than wages. Growth without inflation. The exact setup that let Greenspan keep policy easy while the economy ran hot for the rest of that decade. ROARING NINETIES. And please look at what’s happening at the same time: PMI back above 50, business cycle expanding. AI capex pouring into chips, power, grid, datacenters. Small caps like Russell 2000 finally breathing. Liquidity turning post-QT, without a single dollar of QE. It’s meaningful to consider, even if you disagree. 🚨 Here’s what’s different from the Roaring 90s: crypto didn’t exist the last time this structure ran five straight years of higher highs and higher lows. It’s here now…the lowest-valuation, highest-beta asset on the entire risk curve, sitting right in front of the move while the cuts keep getting blamed on weakness that isn’t there. That’s what I think is setting up right now.