As the nation celebrates its 250th anniversary, the US economy exhibits remarkable resilience driven by strong business investment, record-high equity prices, and lower market volatility following a tense ceasefire in the Iran conflict. Channeling the communication restraint and data-dependent leadership style of Alan Greenspan, new Fed Chair Kevin Warsh has prioritized price stability over labor by omitting forward guidance and establishing five structural task forces to address missed inflation targets. While consumer spending has cooled and housing remains soft under higher interest rates, risk assets have rebounded due to strong earnings expectations and the expected payback of AI investment.

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