Insights: Macro

Financials, Macro

China Capital Flows & Restrictions

Treasury Secretary Bessent said in recent days that “everything is on the table” in response to a question about whether the administration would consider de-listing Chinese securities from U.S. exchanges. Doing so has been actively considered by policy makers since President Trump’s first term, alongside other possible restrictions on capital...

House Republicans are this week attempting to adopt the version of the budget resolution passed by the Senate last week, which sets the basic deficit parameters of the subsequent “reconciliation” (tax/spending) bill they will enact on a partisan basis. Their attempts to do so have been delayed by objections from conservatives who have concerns...

The Congressional Budget Office (CBO) is projecting that the "X date" for the debt limit (i.e., date at which the government runs out of cash) will be reached in August/September, but may be reached as early as May if tax receipts come in lower than anticipated. As you may recall, House Republicans included "instructions" in their budget...

Energy, Financials, Healthcare, Macro, Tech / Media / Telecom

Senate Republicans are this week planning to begin consideration of a joint budget resolution that will eventually get adopted by the House as well. It appears Republicans are preparing to forgo the typical process for agreeing in the context of the budget resolution on the basic parameters of how they’ll achieve spending cuts, and will wait...

With passage of a “continuing resolution (CR)” for annually appropriated government funding (i.e., grants/loans, government operations, not entitlements) through the remainder of FY25 (9/30), there is no major piece of legislation that has to be enacted prior to the likely debt limit “X date” (when the government runs out of cash), which is...

Energy, Financials, Healthcare, Macro, Tech / Media / Telecom

Senate Republicans continue to deliberate over the major issues associated with a single, broad-based budget resolution that allows for large-scale tax cuts and spending reductions, as was passed by the House and endorsed by President Trump (versus the narrower Senate-passed version that just focuses on border and defense spending). House...