I. A $14-Trillion Rocket Ship Nears the Rate Cliff Since the April low the S&P 500 has surged 32 %, adding roughly fourteen trillion dollars of market value—almost one China’s GDP strapped to the nose of a single index. Next Wednesday the Federal Reserve is expected to restart the cutting cycle with a 25-basis-point reduction and to signal another 150 bp over the next twelve months. The collision between a liquidity-drunk bull and a macro inflection point is no longer academic; it is schedule...