Today is another reminder of just how fast things can change. Just 9 months ago, markets were pricing in 3 rate cuts in 2026 and we had $60 oil prices. Today, a new Fed rate hike cycle has begun, oil prices are above $100, and diesel prices are at record highs. The market and the Fed are in agreement, lower rates are not coming as long as the current energy crisis continues. There simply is no scenario where rate cuts are warranted with $100+ oil prices and 3.5%+ inflation, aside from an economic depression. Luckily, we are also in the midst of the biggest technological revolution in history, and the AI boom continues to provide substantial support for the S&P 500. Without the AI Revolution, markets would be in a much darker position right now. On the flip side, a resolution to the current energy crisis opens for the S&P 500 to rise well above 8,000. For now, a long and bumpy road appears to be ahead as the Fed continues its 60-straight-month battle against inflation. "Higher for longer" has returned.