Great synthesis of 6 months that have felt like decades of news flow. It calls to mind the Howard Marks quote of "Before asking where we're going, it's helpful to know clearly where we are today."
This is a valuable "bigger picture" perspective; the current backdrop is generally positive and downside risks that I (and others) have been worried about need to be considered in that context (e.g., housing, fiscal risk/"Liz Truss Moment").
Thanks as always! Hope you are having a great summer.
Thanks Michael - great insights, appreciate this 'report card'.
Would add that fiscal reductions were also made harder by judicial intervention - presumably expected by the Administration, but remain a drag nonetheless.
Great synthesis of 6 months that have felt like decades of news flow. It calls to mind the Howard Marks quote of "Before asking where we're going, it's helpful to know clearly where we are today."
This is a valuable "bigger picture" perspective; the current backdrop is generally positive and downside risks that I (and others) have been worried about need to be considered in that context (e.g., housing, fiscal risk/"Liz Truss Moment").
Thanks as always! Hope you are having a great summer.
Tyvm🙏
Thanks Michael - great insights, appreciate this 'report card'.
Would add that fiscal reductions were also made harder by judicial intervention - presumably expected by the Administration, but remain a drag nonetheless.
I think there will be another reconciliation package coming.