Global Data Pod Weekender: Start me up

The discussion centers on the tension between market expectations for Federal Reserve easing and the reality of a firming economic outlook. It emphasizes that the markets are mispricing the likelihood of Fed rate cuts, given strong growth and sticky core inflation. A potential rotation in global manufacturing, driven by inventory rebuilding and non-tech business spending, is weighed against the backdrop of consumer cooling. The conversation also explores the implications of the Supreme Court's IEEPA ruling on trade policy, suggesting limited impact due to the administration's ability to enact tariffs through other channels. While acknowledging potential for easing in certain emerging markets and the UK, the speakers caution that a global pickup in goods sector activity and a Fed repricing could short-circuit those plans.