Atlanta Fed President Unsure on Rate Cuts; Commercial Bank Data Shows Slowing Lending Growth

Atlanta Fed President sees only one rate cut this year in Q4; June cut is a "coin toss" currently according to State Street's Dan Gerard
Gerard says data doesn't support rate cuts yet; more inflation data coming that could show hotter numbers
Gerard watching commercial bank data closely - seeing lending growth slow which signals stress building
Despite dichotomy in markets, Gerard still sees US equities as most attractive, favoring mega-cap stocks over small caps
Rally still largely liquidity-driven in Gerard's view; not yet an "earnings driven phase"