This week "Know More. Risk Better." offers a comprehensive macro outlook for 2026, examining how private sector adaptation and fiscal stimulus helped mitigate 2025's tariff shocks while exploring key takeaways from recent IMF meetings - including cautious relief on trade impacts, excitement about AI-driven capex, and concerns about equity valuations and labor market weakness. The discussion navigates critical tensions facing policymakers, particularly the Fed's challenge balancing conflicting inflation and employment signals, debates over tariff pass-through to consumer prices, and questions about AI investment sustainability amid uncertain returns.