Garrett Melson says downside risks for the U.S. economy reside within the labor market. He points to recent data trends chipping away at the resilient labor market. Garrett believes that markets are already pricing in a 25bps cut and will closely monitor the Federal Reserve interest rate policy. He discusses the bifurcation between Fed governors and their concerns from potential tariff-induced price shifts. Garrett later points to the AI boom impacting equities, but wonders how long the rally can persist and how impacts the broader labor market.