Natalie Kittroff

So it sounds like what you're saying is we moved from this really unpredictable environment to a relatively, at least, more predictable one.

And that with that shift, some of the anxiety has fallen away.

Tax cuts and reduced interest rates are two things that businesses love.

This is good news.

So there's more certainty in a bunch of areas, tariffs, taxes, and interest rates.

Isn't there, though, Joe, still a lot of uncertainty just at a systemic level?

As in, aren't there concerns about how much trust we can have in the ability of the most important economic institutions in this country to do their jobs, like the Fed, the Bureau of Labor Statistics?

These have both been attacked by Trump.

He's moved to fire a Fed governor.

He fired the head of the labor agency.

What's the impact of all that?

The Fed governor.

You're saying that the markets don't see the Fed's move to lower interest rates as a response to Trump pressure.

They see it as a response to the economic signals.

OK, but the Fed is cutting interest rates in part because of weakness in the labor market.

Isn't that concerning to investors, that weakness?

So all of this, it helps explain why the markets aren't reacting very strongly to some of the more extreme Trump moves.

It doesn't totally explain, though, why we're in all-time high territory.

What's behind that?

What's that story?