Barry Knapp thinks Powell will not commit to a rate cut at Jackson Hole but thinks the Fed will definitely cut rates in September – possibly by half a percent. He expects rebounding capital investment to start hitting markets in 4Q, but on the other hand the “tax” of tariffs is hitting consumers. He lays out his argument for rate cuts this year and how he thinks the Fed can get rates to neutral. He also picks out areas of the market he thinks will respond well, including small caps.