Barry Knapp wants rates to hit 3.25% with a series of quick cuts, saying it would take pressure off small banks and homebuilders. He argues that economic policy and conditions have changed extremely quickly this year, and the Fed has not reacted to it yet. He discusses what the yield curve is telling him, as well as his opinions on tariffs and government spending. “For the balance of the year,” Barry expects small banks and small caps to gain, pushing the Russell 2000 to be one of the best-performing sectors before the end of the year.