It's another one of those days: All asset classes are trading sharply lower today. And, attempted intra-day relief rallies are being sold into new lows; a textbook "emotional" correction. This has become an increasingly common occurrence in 2025, particularly amid record levels of leverage and the market's hypersensitivity to headlines. However, if you zoom out, the fundamental thesis has not changed. Deficit spending is through the roof, AI CapEx is nearing 1 trillion per year, and the Fed MUST cut rates into 3% inflation due to a deteriorating labor market. S&P 500 to 7,000 is on the horizon.(The Kobeissi Letter)