Been hammering on this point for months now. Here's the thing—tariffs and artificial intelligence are both deflationary forces reshaping the macro landscape. Most people aren't connecting the dots yet.

The real issue? The Federal Reserve's going to find itself in an awkward position sooner rather than later. Their moves over the past cycle are starting to look increasingly misguided as these structural deflationary pressures take hold. When reality finally catches up with policy, the optics won't be pretty.