Barry Knapp anticipates broader earnings growth in 2026, predicting broader capex and a recovery in the manufacturing sector. However, it won’t happen right away, especially because he thinks that companies won’t be able to pass tariffs to the consumer. “This quarter’s numbers could be a bit of a disappointment,” he says, as we start seeing numbers from 4Q25. He doesn’t expect inflation to rise, in fact anticipating prices falling across sectors including housing. The biggest risks he sees are in the bond market.