The Fed has begun cutting again, but without the comfort investors expected. Jerome Powell’s message was clear: the path to lower rates will be “data-dependent,” not automatic. Meanwhile, stocks remain at all-time highs, gold continues to glitter, and yields are refusing to budge.

Dan Koh speaks with Ben Emons, Chief Investment Officer at Fed Watch Advisors, about what the Fed’s shift in tone really means, how the end of quantitative tightening could reshape liquidity, and whether markets are due for a healthy pullback after months of record highs.