“Friday’s rip higher by rate sensitive mega cap stocks suggests rate hikes are off the table. For now... Lower rate expectations spurred short covering and new longs to consumer sensitive discretionary names.”

 “Depleting savings was supposed to be fixed by real income growth, but inflation is proving to be sticky... Our team is getting bearish on consumer and soft landing baskets.”

 “Consumers with high-income households are benefiting from higher asset prices and solid cash flows from fixed income, and lower-income consumers are being more negatively impacted by higher interest rates weighing on households with higher debt levels.”

 “There’s a substantive level of optimism baked in, and subsequently, considerable downside if disappointments arise... Guidance is critically important this season.”

 “You have to substitute something else if you’re not going to get those rate cuts. And it had to be guidance because what else is there going to be?”