A lot of market strength this quarter, keeping people employed is imperative for Q4: BMO's Schleif

Market Outlook & Fed Policy - The market initially reacted to the Fed's decision with hopes of more rate cuts, but the lack of clear guidance led to volatility [4] - The industry anticipates the FOMC's influence on market discussions will diminish, shifting focus back to corporate earnings and fundamentals [2][3] - Fixed income now plays a powerful role in portfolios due to its ability to generate income, acting as a ballast and allowing control over portfolio sales [6][7] Sector Preferences - The industry favors technology and communications services, with a focus on industrials benefiting from infrastructure build-out supporting AI and data centers [8] - The industry is also positive on utilities as a growth story and mid-cap companies with growth potential and lower valuations [10][11] - Industrials and manufacturing are expected to see pickups in the latter half of the year due to pro-business attributes [9] Risks & Challenges - Small and mid-cap companies face challenges due to higher leverage and potential impact from tariffs, requiring active management [12] - The sustainability of small caps' recent run, driven by anticipation of Fed rate cuts, is questionable long-term [12] - There are concerns whether companies are worth 40% more in one day [14]