In this week’s episode of the Weekly Rebalance, Ethan and Nick break down the latest market developments heading into the holiday season. They discuss new research from the Federal Reserve showing how tariff shocks may actually put downward pressure on inflation while raising unemployment, and what that means for upcoming Fed decisions.They also zoom out and explore how major technological revolutions—from the Industrial Revolution to electrification and computing—can inform today’s AI cycle. With markets seeing renewed volatility and AI valuations under scrutiny, we highlight why long-term historical perspective matters now more than ever.