With the strong non-farm payroll data today, the expectation of a rate cut is lower. After the president's birthday, a pullback is probably not far away.
There may also be the issue of interest rate cuts. Continuing to pile up deficits might ruin this year's interest rate cut agenda. Buffett's radical solution to the deficit is to link deficit increases to congressional reelections. It's unclear whether Elon Musk has the ability to push such an agenda.
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