Tariffs are never an easy thing to digest, says Oppenheimer’s John Stoltzfus

Market & Economic Outlook - Jobs numbers have been volatile, exceeding expectations in previous months but showing a shortfall recently [2][3] - The market is likely to react negatively to the jobs number and potential geopolitical risks [4] - Tariffs are complex and the need for fairer global trade is highlighted [5] - The real economic effects of current policies may not be fully felt yet [7] Monetary Policy - The Federal Reserve has more reason to cut rates in September, potentially by 25 to 50 basis points, with another cut possible later in the year [9][10] - Rate cuts are seen as a "down payment" for Wall Street and Main Street [9] Investment Strategy - Revenue and earnings growth are key factors the market favors [10] - Diversification of supply chains to more friendly nations is happening, mitigating tariff impacts [8] - Sentiment, as reflected in surveys, can be volatile and markets are influenced by both math and emotion [11]