Marta Norton says expectations of a September rate cut are what’s driving the market higher as it hits fresh records. “It does really feel like we’re at an inflection point,” she continues, digging into the labor market data revisions and the potential for inflation vs strong corporate earnings. While she doesn’t expect tariffs to “tip us into a recession,” she expects them to start dragging down the economy into the end of the year. Marta also compares the short-term and long-term AI narratives.