Uneasiness in the market is “belied” by the strength in 2Q earnings, argues Brian Mulberry. “It’s coming down to the haves and the have-nots” in this rate environment, he continues. “Volatility is the name of the game” in the second half of 2025 as economic data and earnings diverge, but he expects things to get “materially better” in 2026 after Fed rate cuts. He thinks earnings growth will accelerate into the “low double digits.”