Why — The breakdown of the typical rate-cut/bond-bullish relationship signals term premium repricing and fiscal concerns, making duration risky even if the Fed pauses.

Why — Weakening consumer confidence combined with sticky inflation expectations complicates the Fed's path and raises stagflation fears, pressuring risk assets.

Why — Rising energy costs feed directly into consumer inflation expectations and spending power, adding to the Fed's dilemma and potentially weighing on discretionary stocks.

Why — If open-source isn't cheaper per task, the competitive advantage of frontier models (and their pricing power) may persist, supporting AI infrastructure spending but raising questions about ROI for open-source adopters.

Why — A sharp deceleration in GDP growth raises the risk of an economic 'soft patch' that could challenge the equity rally, especially if inflation remains sticky.