John Luke Tynan, portfolio manager and head of fixed income at Aptus Capital Advisors, said markets should watch whether Democratic gains in recent gubernatorial races will reduce AI capital spending and data‑center construction or merely shift activity to more policy‑friendly states. He expects AI investment to slow, but likely by less than markets fear. Tynan added that if inflationary pressure stems mainly from energy and AI spending, the Fed's 25bp hike in September would probably be the las

John Luke Tynan, portfolio manager and head of fixed income at Aptus Capital Advisors, said markets should watch whether Democratic gains in recent gubernatorial races will reduce AI capital spending and data‑center construction or merely shift activity to more policy‑friendly states. He expects AI investment to slow, but likely by less than markets fear. Tynan added that if inflationary pressure stems mainly from energy and AI spending, the Fed's 25bp hike in September would probably be the last of this cycle. He also said government gridlock typically drags GDP growth, which could open room for further downward pressure across the Treasury yield curve.