In this episode of Thinking in Markets, Michelle and Vox unpack a point that confuses many retail investors: a rate cut is not automatically bullish. What matters is why the cut arrives, what it says about growth, and whether markets are dealing with normal easing or hidden stress. This framing fits the current backdrop, with the Fed saying uncertainty remains elevated in March 2026, while Fed officials have also described earlier cuts as a response to softer labor conditions and downside employment risks.