Insights: Macro

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...

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...