Waiting to Make a Small Caps Play When the Fed Moves

“Behind the scenes,” Eric Kelly is hearing discussions about tariffs, but everyone needs more time to see the impact. He’s only a little bit long tech now because of this uncertainty. “Capex intentions have just plummeted,” he says. For later in the year, he thinks that “If the Fed can start moving…it sets the stage for us to make a broader play into small caps.”

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