The Fed has “migrated from its focus on inflation” towards the job market, Stuart Katz says. He thinks inflation is under control even with tariffs putting upwards pressure on prices. “There’s almost a flywheel effect” of demand correcting for inflationary pressures, he argues. Stuart discusses volatility and historical market patterns to soothe investor anxieties. His overall base case for rate cuts is two this year, but the bigger question is: “how fast?”