Jonathan Ferro

Now we've seen a subtle twist, I think, from the likes of, say, Meta, who are spending tons and tons and tons and then come into the debt market to fund it.

That's not what we're used to with these names.

Typically, they're asset like capital return heavy.

Are you noticing the same change?

And how should we treat those companies differently at all because of that?

The market.

Is it welcome news that they're leaning on the debt market a little bit more just as this equity market starts to push back?

Do you think it jeopardizes capital return programs as these companies take on more leverage?

And it's happening.

But just putting all these pieces together, this was a core theme, I think a core pillar for being long US equities for a long, long time.

And now it's changed.

Is it still good?

I think that's what I'm trying to get at here.

Is this still an argument to buy US equities?

This morning, the focus is on inflation.

CPI coming in below expectations.

Traders adding to bets for two more rate cuts this year, including one next Wednesday.

David Kelly of JPMorgan Asset Management joins us now for more.

David, let's start with the inflation data.

Is three the new two?