Joyce Huang expects one rate cut next year, saying there’s a chance inflation could spike if it cuts too much. “Rates are likely to remain rangebound,” she adds, and highlights opportunities in the short end of the curve. Joyce still likes the tech sector and sees momentum in its rally, however she thinks there could be more volatility as the AI thesis continues to be tested. Joyce looks at the record amounts still in money markets and similar products and argues why she thinks cash will be deployed back into markets in early 2026.