Market Outlook & IPOs - The IPO market is performing well and considered healthy, avoiding the dynamics seen in 2021 [1][2] - A good IPO market anticipates Federal Reserve easing [2] - The market anticipates the Fed will cut rates by at least 25 basis points [3] Federal Reserve Policy - The market might be disappointed by the lack of clear signals from the Fed regarding future rate cuts [4] - The speaker anticipates one more rate cut before year-end, but not as much as 75 basis points, due to factors like tariffs [5] - The Fed is expected to be data-driven and cautious in its approach [8] - The Fed chair is unlikely to signal a major easing cycle to continue fighting inflation [7] Economic Indicators - A 900,000 job readjustment signaled the likelihood of the Fed cutting rates [4] - Core goods deflation has reversed into modest inflation [6] - The current curve doesn't resemble that of last fall, which is reassuring [9] - Flattening of the yield curve (2s and 10s) is seen as beneficial [9] - The focus should shift to economic growth and avoiding a recession [11]

Group 1 - Gold prices are approaching a new record, with UBS analysts raising their target price for gold to $3,900 per ounce from $3,700 per ounce in mid-2026 [1] - As of early Friday, gold was priced at $3,684.40 per ounce, surpassing the previous high set earlier in the week [1] - The recent surge in gold prices is attributed to expectations of the Federal Reserve restarting its easing cycle due to weak jobs data, forecasts for broad US dollar weakness, and ongoing geopolitical uncertainties [2]