I keep seeing the idea that rate cuts will eventually make current valuations look reasonable, but I have a hard time understanding why the market seems so confident about the timing. Inflation has come down from the peak, but core inflation still feels sticky, fiscal deficits are large, and the Fed keeps stressing patience rather than urgency. The labor market is still tight by historical standards, wages are growing, and earnings expectations seem to assume margins hold up even with higher financing costs. At the same time, forward multiples, especially in large-cap growth, are still well above long-term averages. What is the strongest fact-based bull case for rates normalizing sooner, and what do you think I am overthinking if higher for longer sticks around?