Insights: Macro

Macro, Tech / Media / Telecom

CHIPS Act & Semiconductor Tax Credits

During President Trump’s speech to Congress this week, he was highly critical of the CHIPS Act and said Congress should get rid of it and whatever funding is left over. He implied that the funding hasn’t had an impact on investment/jobs in the U.S. and contrasted it with tariffs, which he suggested has caused firms like TSMC to make substantial...

The Republican leaders of the House and Senate Appropriations Committee (Rep. Cole (R-OK), Sen. Collins (R-ME)) are now developing two different “continuing resolutions (CRs)" to extend FY25 funding/“appropriations" beyond the current 3/14 deadline. One would extend funding at current levels for one month and provide time to finish negotiations...

President Trump decided to put in place 25% tariffs on imports from Mexico and Canada (10% for Canadian energy imports) that had been paused since for the last month, and he imposed an additional 10% tariff on Chinese imports. The White House fact sheet announcing the tariffs primarily focuses on fentanyl shipments as the rationale for taking...

The bipartisan leaders of the House and Senate Appropriations Committees continue to indicate they are close to reaching a deal on top-line spending levels for the remainder of FY25. The current extension of FY25 funding expires on 3/14, and if resolution is not reached by then, government operations will “shut down.” Despite bipartisan progress...

President Trump and conservatives have expressed a preference for addressing the debt limit on a partisan basis, so as not to give Democrats the ability to leverage it for achieving other policy concessions. Reflecting this sentiment, the House-passed budget resolution includes a $4t debt limit increase. The Senate-passed budget resolution does...

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

Now that the House and Senate Republicans have each passed their own versions of a budget resolution, negotiations will commence in the coming days on adopting a joint resolution. This resolution establishes the allowable deficit parameters of subsequent “reconciliation” legislation that will make changes to taxes/spending. While Senate...