Welcome back to Morning Trade Live. It's time now for the big picture. So, let's welcome in Cooper Howard, director of fixed income research and strategy, Schwab Center for Financial Research.It's so nice to see you, Cooper. Happy Friday. Thanks so much for joining us.So, we got a little bit more information out this morning uh from the University of Michigan Consumer Sentiment Survey 49. So, it seems below the boom bus line. And it just looks like we're seeing a deterioration as far as how people are feeli ...

Market Outlook & Fed Policy - The market's focus should be on clarity regarding fiscal policy uncertainty rather than solely on Fed rate cuts [3] - The bond market signals concerns about deficits and debt levels, potentially limiting policy room for market advancement [5] - Despite markets near all-time highs, investors are seeking opportunities to deploy capital [7] Investment Strategy & Sector Performance - The firm is using the correction and rally to reposition portfolios, not to de-risk or build cash positions, anticipating better-than-expected Q2 earnings [10] - The firm favors quality-oriented technicals over deep value stories, expecting strong results from financials, industrials, and perennial tech [11] - An alternative perspective suggests taking profits on industrials and fading the rally on small caps [9] Economic Indicators - The dollar experienced its worst first half of the year in approximately 50 years [4] - While a steepening yield curve historically indicates positive growth, current dynamics suggest a more bearish outlook related to deficits and debt [6][7] - The 30-year bond is near a 15-year high [4]