The S&P 500 is only up 6% over the last 9 months (since November). No body wants to buy the highs. The bids quickly vanish. Everyone goes back to waiting for the next dip. Dispters know there is no risk!! (when buying the dips) All time high buyers could be left holding the bag when the next dip happens.
We know Powell lowers 2-3 times rest of this yr . He's just under so much pressure to lower if things go wrong he'll say Trump told me to lower. Whoever the next fed chair is will lower rates fast to 1-2% and put in yield control on longer term rates . So inflation will roar and the dollar tanks . Asset prices will sky in nominal terms but inflation will rise quicker . Real purchasing power will tank . I'll be very interested to see irs tax receipts over the next yr . Trump has gutted the irs and all know he hates the irs . I think tax receipts plunge as audit rates on corporations and the rich tank .