HASSETT, WHO MADE THOSE COMMENTS OVER THE WEEKEND. HE ALSO REITERATED TO CNBC THIS MORNING THAT THE CONSUMER IS STAYING RESILIENT BECAUSE AMERICANS ARE OPTIMISTIC ABOUT INCOME GROWTH IN THE YEAR AHEAD. BUT MY NEXT GUEST SAYS THERE'S A BIG RISK ON THE HORIZON AND ONE THAT WILL COME BEFORE THOSE TAX REFUNDS HIT.JOINING US TO DISCUSS IS TD COWEN'S CHRIS KRUEGER. CHRIS, IT'S GOOD TO SEE YOU. AND YOU'RE TALKING ABOUT THE OBAMACARE SUBSIDIES, RIGHT.>> GREAT TO SEE YOU AS WELL. THAT'S CORRECT. THEY'RE GOING TO EXP ...

Market Sentiment & Catalysts - The market currently exhibits a positive attitude, downplaying concerns like terrorism and focusing on fiscal tailwinds [1] - Negative catalysts are not expected until September, with low expectations for Russia-Ukraine peace talks [10] - A collapse in volatility (VIX at year-to-date lows) is a positive tailwind for markets [6][9][11] Tariff Impact & Business Strategy - Companies are delaying reactions to tariffs due to policy changes, making quick reactions disadvantageous [4] - Businesses have been able to front-run tariffs, providing more room to delay [4][5] - Tariffs are a slow-moving story, with a potential major negative impact not expected until the fourth quarter or even the first quarter of the following year [5] Economic Indicators - The NFIB (National Federation of Independent Business) survey indicates that fiscal tailwinds are dominating tough concerns [1] - An in-line inflation print has removed scary catalysts, contributing to the short-term boom in stocks [6]