Investor sentiment is neutral, suggesting the bull market is not yet euphoric or ending
Record cash balances suggest equity melt-up potential over a melt-down
S&P CAPE at extreme levels signals caution but timing remains unreliable
Short-term inflation expectations tick up, but long-term measures remain stable, keeping the Fed relatively relaxed
Global shipping costs fall, suggesting a calmer inflation backdrop despite tariff risks ahead
US ISM points to subdued US core inflation ahead
US inflation edges higher on tariffs but no major surge expected
It is important to avoid a recession
