Markets are acting like growth can outrun everything: tighter money, higher yields, expensive energy, even weaker lower-end consumers. That can keep working for a while. It also leaves very little room for disappointment.

• Warsh takes the Fed
• The AI rally is carrying the tape
• Semis, memory, and supply constraints
• IPO wave and thematic excess
• Oil, inflation, and the consumer
• Positioning, yields, and what to watch

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