Here's your summary from Arnott: The Fed Can't Stimulate the Economy (https://www.youtube.com/watch?v=fSTsF1Q5QmM) on the Bloomberg Television channel:

**TLDR:** The Fed may struggle to stimulate the economy due to mixed economic indicators and potential inflation risks.

1. Economic indicators such as PMI, inventories, yield curve slope, and cost of capital are all showing signs of trouble.

2. The Fed's ability to stimulate the economy is questioned, with doubts on the impact of rate cuts.

3. Potential inflation resurgence could prevent the Fed from cutting rates and even lead to a hike.

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