 In our view, if inflation moderates and the labor market cools, the Fed remains poised to begin rate cuts by end of year, which should be supportive of both stocks and bonds. The U.S. equities closed higher today. The Dow closed up $22.97 to $39,141.83. The Nasdaq closed up $114.94 to $17,847.54. Stocks of local interest at Bank First was down $0.50 to $87.20. John Deere was down $12.57 to $361.06.