Can we all acknowledge 1) that interest rates will be higher for longer; 2) that the Federal Reserve shouldn’t, but might, cut interest rates in May; and 3) that, just maybe, Jerome Powell and the Fed have come from behind (a la Patrick Mahomes and the Kansas City Chiefs) and avoided a hard landing for the economy? In fact, it’s probably best to describe our current economic circumstances as a “never-landing,” because how else to characterize an economy with the consumer price index for January coming in at an annualized 3.1% (core 3.9%) rate this past Tuesday, and a recent gross-domestic-product annualized print of 3.3% (for 2023’s fourth quarter)? Notwithstanding hitting an air pocket this past Tuesday after that overwarmed inflation report, stock prices are toppy...

Another day brings another salvo in the artificial-intelligence wars...