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<p>Inflation is the key constraint behind this rally.

US equities are pushing to new highs, but CPI and PCE are both back at 3.8% YoY.

That makes the Fed’s job harder:
- rate cuts become harder to justify,
- long-end yields stay important,
- and risk assets need stronger narratives to keep climbing.

Right now, the market is leaning on AI, earnings, and geopolitical relief.
But if inflation stays hot, the liquidity backdrop can tighten fast.</p>

Inflation is the key constraint behind this rally.
US equities are pushing to new highs, but CPI and PCE are both back at 3.8% YoY.
That makes the Fed’s job harder:
- rate cuts become harder to justify,
- long-end yields stay important,
- and risk assets need stronger narratives to keep climbing.
Right now, the market is leaning on AI, earnings, and geopolitical relief.
But if inflation stays hot, the liquidity backdrop can tighten fast.

Inflation is the key constraint behind this rally. US equities are pushing to new highs, but CPI and PCE are both back at 3.8% YoY. That makes the Fed’s job harder: - rate cuts become harder to justify, - long-end yields stay important, - and risk assets need stronger narratives to keep climbing. Right now, the market is leaning on AI, earnings, and geopolitical relief. But if inflation stays hot, the liquidity backdrop can tighten fast.

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