Watch CNBC's full interview with the 'Power Lunch' Fed Panel

分组1 - The current state of the US economy is characterized by confusion regarding the labor market and the impact of tariffs, leading to a wide dispersion in views among Federal Reserve members [2][3][28] - The Federal Reserve's decision-making process reflects a strong emphasis on maintaining independence, as evidenced by the lack of dissent among members regarding rate cuts, which is seen as a positive sign for market stability [4][19][29] - The Phillips curve framework suggests that rising unemployment may keep wage inflation low, allowing the Fed to overlook current inflation rates and potentially cut rates in the future [6][7][34] 分组2 - Small-cap stocks are showing significant movement, with the SML small cap 600 index up 2%, indicating that domestic companies are likely to benefit later in the rate cut cycle [10][11] - The bond market remains relatively stable, with the 10-year yield at 4%, suggesting that mortgage rates may not decrease significantly despite expectations of rate cuts [12][14] - The ongoing capital expenditure (capex) cycle driven by AI infrastructure investment is expected to enhance productivity and profit margins, positively impacting equity markets [22][25][26]