Despite record AI capex spending and increased spending by high-income consumers, there is a risk that below the surface that the US economy is weaker than we think, says Grace Peters, Co-Head of Global Investment Strategy at JPMorgan Private Bank. Peters says data points including rising youth unemployment, could be a cause for a December Fed cut. However, with 2026 set to bring tax rebates and tax breaks from the \\"One Big Beautiful Bill Act,\\" she believes there is a chance that growth will accelerate, creating the prospects for the Fed to raise interest rates. Peters joined \\"The Pulse with Francine Lacqua\\" on Bloomberg Television.