The Fed has consistently raised interest rates all year to slow inflation. At what point does the raising stop? We discuss the peak in rates, called the terminal rate, and look at where and when the Fed could stop increasing. Out of nowhere, a big piece of economic legislation looks like being passed in Congress: The Inflation Reduction Act. What is the potential impact, who are the winners, and what is the projected cost? The market rebounded in a big way in July. Is this rally short-lived or the start of a longer upward move for stocks?