Fed Governor Michelle Bowman said officials need to act decisively to bring down rates as the labor market weakens. Fed Bank of Atlanta President Raphael Bostic said he sees more inflation coming, echoing remarks from his Chicago counterpart Austan Goolsbee. Prospects of further rate cuts, surprisingly strong profit growth and enthusiasm for Big Tech companies that are capitalizing on artificial intelligence have all kept equities near their all-time highs. Only in 2024 and 1999 have the analyst calls lagged the market’s actual return so much around this time of the year. “The bull market in equities is ‘alive and kicking’,” said Craig Johnson at Piper Sandler.