There was a window last year when the market narrative shifted dramatically. Investors genuinely believed that Main Street concerns would dominate policy priorities over Wall Street interests. The thinking was simple: even if equity markets struggled, it wouldn't matter much—as long as interest rates fell. That was the trade everyone was watching.

But here's what's interesting: this reveals how quickly investor conviction can reshape around policy signals. When the focus seemed to swing toward broader economic relief rather than financial sector optimization, people started recalibrating their positions. Rates going down became the ultimate metric, more important than near-term stock performance.

It's a useful reminder of how sensitive markets are to perceived policy direction. When administrations signal different priorities, capital flows respond. The question that lingered: would those priorities actually stick?