Macquarie Group’s Thierry Wizman discusses why falling oil prices and disinflation could keep the Fed from pursuing a larger December rate hike despite hotter economic data. He also examines how AI-driven infrastructure spending has supported U.S. growth and the dollar, warning that a slowdown in AI CapEx could weaken both. Wizman says European sovereign debt concerns continue to support the dollar, while improving conditions in Europe could create room for dollar weakness heading into 2027.