Spencer Hakimian says while Friday's PCE data was mostly in-line with expectations, he's concerned about the slow uptrend in year-over-year numbers that may make it harder to justify a rate cut if inflation is rising. He also points to the unusual pressure surrounding the Federal Reserve from the White House and as Jerome Powell's term as Fed Chair comes to a close next year. Spencer says tariffs can either be absorbed by consumers, companies or foreign producers and Americans should brace for higher prices passed down. He says the A.I. supercycle is "saving" this market right now and lifting spending among tech companies but he cautions that these cycles don't last forever.