Bob Doll’s base case is a “high-risk bull market,” saying that today’s market is fully valued, but that Fed cuts typically send equities higher. He notes, though, that broadly rates have actually gone up since the Fed’s recent cut. The reaction to tariffs has been “less onerous than expected” despite their size, he adds, related to expectations of a big tax cut to juice consumer spending. However, this goes for the top percent of earners, with Bob noting that low-income consumers are struggling.