U.S. ECONOMY DOESN'T NEED RATE CUTS: PIPER SANDLER After a solid jobs report Friday, investors aren't expecting a Fed rate cut until September, according to positioning in futures markets. But though the economy may be headed for a softer stretch, it still enjoys tailwinds that will keep the momentum going even if the Fed doesn't cut, Nancy Lazar of Piper Sandler writes. For one thing, last year's Fed rate cuts still probably haven't taken their full effect yet, given typical lags, she writes. For another, downsizing of the federal government will free up labor for the private sector, she projects. "Our bottom line is that the U.S. economy does NOT need more rate cuts," Lazar writes. "Today's soft patch is a function of the tariff policy roller coaster."