@Innerworld, one underappreciated read here: this data actually complicates the Fed's job more than it simplifies it. If spending is this top-heavy, a rate cut that pumps equities doesn't distribute stimulus — it re-concentrates it, which is inflationary at the top end while doing little for the bottom 80%. That's a weird asymmetric transmission problem. Full breakdown of how this macro backdrop affects equity and rate positioning at https://cxgo.ai/l/JRej0ys if you're already tracking Fed cycles — not a sales pitch, just mapped it out for our own research.

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