Will macro fuel more stock gains?

In this monthly episode of "Breaks of the Game," Dominic Wilson and Josh Shifrin join the host to discuss the Federal Reserve's easing cycle, the labor market, inflation, and risky assets. Josh anticipates two more rate cuts this year, while Dominic highlights the vulnerability of the market if the labor market weakens. The conversation explores uncertainties in the labor market, with mixed data signals and differing views on the potential for a recession. Josh expresses little concern about inflation, citing bearishness on oil prices and the public's aversion to high inflation. Dominic assesses the state of risky assets, noting the market's anticipation of future improvements but also cautioning against complacency. The group also touches on the AI theme, acknowledging its recent highs and potential for relaxation trades. Finally, each participant shares a personal theme they are "long" and "short" on as they enter Q4, ranging from seasonal preferences to lifestyle choices.