Editorial companion

What stands out

Reuters captured a frank moment: a Federal Reserve (Fed) official warning that the Fed 'has a lot to do to restore confidence' while analysts point to more than $1 trillion of Big Tech spending on artificial intelligence as a potential inflationary force. IG’s Chris Beauchamp flagged another wrinkle, saying markets doubt whether Wharton-educated officials like Warsh will publicly contradict President Trump. Those two threads, heavy tech capex and uncertain Fed resolve, are the kind of slow-burning risks that change valuations more than headlines do.