Part 2/5:
Tom Lee: One of the factors that plays into what we've been talking about all morning is the Treasury Secretary announcement. There's been a lot of speculation around who will be nominated, with names like Kevin Warsh and Mark Grow moving up. While I don't think this announcement will come in the next week or so, it's what I call a "clearing event" that takes away uncertainty, and the Trump trade is still intact.
The Federal Reserve may not cut as quickly as some had hoped, but we're still in a good place. Last week, the markets were taken by surprise when Chair Powell said the Fed might slow things down for December. However, if you look at the expectations for a year from now, the number of rate hikes is still the same.