Bleakley's Peter Boockvar: Powell may be cautious about rate cut for credibility reasons (youtube.com)
Even though the economy might be soft and be appropriate for a cut, it would be taken negatively if they cut now. The market is expecting September so to cut this week would seem to show a possible recession.
Because investors have adapted to investing based on the Fed, they maybe have stabilized with a predictable course, and the market valuations reflect the status quo, current information priced into a September rate cut expectation.
Best price to value will maybe succeed, Coke, Pepsi, Nestle (brands people want). Chipotle you can buy 2 meals for $10, MacDonald's it's one meal for $10. P&G has China exposure.
Consumer products company might have a year of efficiency like Big Tech did last year (now Big Tech is on capEx). Mag7 had pricing power though, and consumer discretionary to hold on the the price they've had people take for their products.