Whether or not the Fed cuts rates is not the right question 🔪

Plus a charted review of the macro crosscurrents 🔀

The Fed was arguably a much bigger deal when we were in the throes of an inflation crisis.

Stocks made new record highs, with the S&P 500 reaching a closing high of 4,894.16 on Thursday and an intraday high of 4,906.69 on Friday. For the week, the S&P rose 1.1% to close at 4,890.97. The index is now up 2.5% year to date and up 36.7% from its October 12, …