Ron Insana: Waller's hopes for a rate cut could be cut short by a 1970s replay

1. Waller hints at potential July interest rate cuts, boosting market optimism. 2. Concerns arise over persistent inflation amid rising oil prices and tariffs. 3. Increasing unemployment among recent graduates reflects potential economic weakness. 4. AI may displace jobs, complicating labor market recovery despite rate cuts. 5. Historical parallels to 1970s stagflation cast doubts on future economic stability.