Podcasts about Fiscal policy

Sen. Elizabeth Warren joins WBUR's Morning Edition to make the case for eliminating the debt ceiling — an issue on which she sees eye-to-eye with President Trump.

PARTICIPANTS Ben Cooper, Economics Fellow, Fraser of Allander Institute, University of Strathclyde Mairi Spowage, Director, Fraser of Allander Institute, University of Strathclyde Joao Sousa, Deputy Director, Fraser of Allander Institute, University of Strathclyde TIMESTAMPS (00:30) A summary of the spending review announcements (08:00) What did we hear on capital investment? (11:50) What were the announcements on day-to-day expenditure? (21:14) What are the implications on Scotland from the spending review? (26:50) What has changed for the Medium Term Financial Strategy? (35:30) How important is the spending review going forward? 

In this episode, Susan Pendergrass is joined by Brian Blase, President of Paragon Health Institute, and Elias Tsapelas, Director of State Budget and Fiscal Policy at the Show-Me Institute, to break down the health care provisions in the “One Big Beautiful Bill.” They focus specifically on the bill's Medicaid provisions, including efforts to enforce eligibility checks, freeze the growth of provider tax schemes, and reduce improper enrollment. Blase and Tsapelas also discuss the reality behind claims that millions will lose coverage, the true cost of Medicaid expansion, and the perverse incentives that allow states to game the federal reimbursement system. Produced by Show-Me Opportunity

Airlines represent one of the most challenging and complex industries in today's economy. With thousands of flights moving people and cargo around the world every day, airlines manage a “complicated logistical dance,” as Oscar Munoz, United Airlines' former Chairman and CEO, tells us in this episode of The Outthinking Investor. The airline industry has adapted and evolved through technological innovation, consolidation, regulatory changes, and an increasingly competitive transportation sector—providing universal lessons for businesses and investors. Amid a turbulent outlook, this episode explores how airlines are addressing a host of business challenges, from the threat of aircraft tariffs to volatile fuel costs and customer demand. Topics include business strategies that drive revenues and boost profits, the future of business and leisure travel, navigating antiquated air traffic control systems, the outlook for low-cost carriers, and reflections on United Airlines' turnaround. Our guests are: Oscar Munoz, former United Airlines Chairman and CEO Jack Fitzsimmons, credit analyst on PGIM Fixed Income's US Leveraged Finance Credit Research team Sean Goodier, credit analyst on PGIM Fixed Income's European Investment Grade Credit Research team Do you have any comments, suggestions, or topics you would like us to cover? Email us at thought.leadership@pgim.com, or fill out our survey at PGIM.com/podcast/outthinking-investor. To hear more from PGIM, tune into Speaking of Alternatives, available on Spotify, Apple, Amazon Music, and other podcast platforms. Explore our entire collection of podcasts at PGIM.com.

In this episode of Good Morning Liberty, hosts Nate Thurston and Charles Thompson dive into the Dumb Bleep of the Month for April and May 2025. They cover a variety of absurd and controversial topics including Trump's Liberation Day tariff announcement, Douglas Murray vs. Dave Smith debate, Bill Burr's inaccurate economic takes, Misfit Patriot's genocidal comments, and much more. Join them as they humorously unpack the dumbest events of the past two months, featuring mariachis in the Texas House, shocking Biden revelations, and a showdown between Trump and Thomas Massie. Buckle up for a mix of laughter and facepalms!   (00:00) Intro (02:12) April's Dumb Bleep Nominees (09:57) Debate Highlights: Douglas Murray vs. Dave Smith (14:32) Bill Burr's Economic Rant (23:51) Misfit Patriot's Controversial Statements (29:36) May's Dumb Bleep Nominees (35:01) Redistribution and White Fragility (35:51) African Development Foundation Scandal (43:16) Biden's Mental Acuity Revelations (50:48) Texas House and Property Taxes (55:04) Trump vs. Massie and Fiscal Policy (01:05:29) Conclusion and Recap   Links:   https://gml.bio.link/   YOUTUBE:   https://bit.ly/3UwsRiv   RUMBLE:   https://rumble.com/c/GML   Check out Martens Minute!   https://martensminute.podbean.com/   Follow Josh Martens on X:   https://twitter.com/joshmartens13   Join the private discord & chat during the show!   joingml.com   Bank on Yourself bankonyourself.com/gml   Get FACTOR Today! FACTORMEALS.com/factorpodcast     Good Morning Liberty is sponsored by BetterHelp! Rediscover your curiosity today by visiting Betterhelp.com/GML (Get 10% off your first month)     Protect your privacy and unlock the full potential of your streaming services with ExpressVPN. Get 3 more months absolutely FREE by using our link EXPRESSVPN.com/GML  

There are many threats to the U.S. economy. How might investors prepare for uncertainty? We discuss fixed income opportunities. • Learn more at thriventfunds.com • Follow us on LinkedIn • Share feedback and questions with us at podcast@thriventfunds.com • Thrivent Distributors, LLC is a member of FINRA and a subsidiary of Thrivent, the marketing name for Thrivent Financial for Lutherans.

Midweek Market Insights and Legislative Updates In this episode of Dividend Cafe on June 4th, Brian Szytel from The Bahnsen Group provides a market overview, discussing the uneventful day in equities, with minor movements in the Dow, S&P 500, and Nasdaq. He explains the rally in the bond market caused by private payroll numbers missing estimates significantly. Brian also reviews the mixed economic indicators from the May ISM services index and services PMI, noting one indicator in contraction and the other in expansion. He addresses the fiscal impact and revisions of a significant legislative bill, emphasizing the need for reduced spending, especially on entitlements. Additionally, he answers a question about section 899 of the proposed bill regarding tax rates for foreign investors in U.S. assets. He concludes by previewing upcoming data releases for the week, including initial jobless claims, productivity numbers, trade deficit, and employment figures. 00:00 Introduction and Market Overview 00:38 Economic Indicators and Employment Data 01:53 Fiscal Policy and Deficit Concerns 03:06 Foreign Investment Tax Proposal 04:19 Upcoming Economic Data and Conclusion Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

President Trump's trade war, regulatory overhaul, and fiscal shake-up aim to rewire the U.S. and global economies. Can it work—or backfire? Economist Marco Annunziata, former Chief Economist at GE, joins host Alan Stoga to explore the promises and pitfalls of Trumponomics—and what it might mean for your job, savings, and future.

Mike Wills is joined by Vincent Anthonyrajah, CEO and co-founder of Differential Capital, for a crash course in Bond Market 101 — and why global investors are suddenly jittery. With Trump back in the headlines and Republican fiscal plans adding trillions to U.S. debt, markets are reacting with rising interest rates, slower growth forecasts, and a general sense of financial unease. Presenter John Maytham is an actor and author-turned-talk radio veteran and seasoned journalist. His show serves a round-up of local and international news coupled with the latest in business, sport, traffic and weather. The host’s eclectic interests mean the program often surprises the audience with intriguing book reviews and inspiring interviews profiling artists. A daily highlight is Rapid Fire, just after 5:30pm. CapeTalk fans call in, to stump the presenter with their general knowledge questions. Another firm favourite is the humorous Thursday crossing with award-winning journalist Rebecca Davis, called “Plan B”. Thank you for listening to a podcast from Afternoon Drive with John Maytham Listen live on Primedia+ weekdays from 15:00 and 18:00 (SA Time) to Afternoon Drive with John Maytham broadcast on CapeTalk https://buff.ly/NnFM3Nk For more from the show go to https://buff.ly/BSFy4Cn or find all the catch-up podcasts here https://buff.ly/n8nWt4x Subscribe to the CapeTalk Daily and Weekly Newsletters https://buff.ly/sbvVZD5 Follow us on social media: CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/CapeTalk CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

Welcome to another episode of the Money Matter Show! On this special Memorial Day weekend edition, hosts Dave Sherwood, Dylan Greenberg, Todd Glick, and Sebastian Borsini dive into another eventful week in the world of finance, markets, and economic policy. This week, the team breaks down some of the hottest headlines influencing the markets: market whiplash from renewed trade tariffs, drama on Capitol Hill, and the far-reaching implications of the new “Big Beautiful Bill” rattling both investors and lawmakers alike.

“I think ultimately the bond market is the disciplinarian for fiscal policymakers” says Mike Medeiros, macro strategist at Wellington Management. Medeiros joins Macro Matters hosts Ira Jersey, Bloomberg Intelligence chief US rates strategist, and Will Hoffman, BI's senior associate US-Canada rates strategist, to discuss all things US and Canadian rates. The trio has one foot on each side of the border on this episode, unpacking the recent bond-market moves and their drivers. They cover the developing state of fiscal budgets and potential stimulative impacts on these economies, as well where monetary policy and yield curves may be headed as price-sensitive investors demand additional premium for long-dated sovereign debt. The Macro Matters podcast is part of BI's FICC Focus series.

As President Donald J. Trump races to get the "One Big Beautiful Bill" across the finish line in Congress, our host with the most, Mike Slater, talks about a few final nooks and crannies of the legislation that haven't been covered by the lamestream media. You might be sick about hearing about this thing, but it's important and you'll want to know what Mike has to say!Following the opener, Breitbart's Economics Editor, John Carney, joins the program to give a fiscal expert's take on the bill and also gab about the "drama" surrounding America's state credit being downgraded by Moody's. It's an informative and educational discussion!

Luca Fornaro is a senior researcher at CREI and professor at both UPF and the Barcelona School of Economics. In Luca's first appearance on the show, he discusses his expansive work on, hysteresis, stagnation traps, endogenous growth, aggregate demand policies, the medium run, population growth and much more.  Check out the transcript for this week's episode, now with links. Recorded on April 23th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Follow Luca on X: @LucaFornaro3 Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server! Join the Macro Musings mailing list! Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps: (00:00:00) – Intro (00:00:51) – Luca's Background (00:03:19) – Hysteresis (00:7:23) – Why Talk About Hysteresis Now? (00:10:55) – Stagnation Trap (00:16:07) – The Medium Run (00:22:25) – Managing Expectations with Automatic Stabilizers (00:28:48) – What About Population Growth? (00:31:47) – The Empirical Side (00:39:24) – Directing Capital Flows (00:42:30) – The Scars of Supply Shocks (00:48:57) – The Nominal GDP Targeting Solution (00:51:28) – Fiscal Stagnation (00:59:21) – Outro

Fixed income portfolio manager Connor Fitzgerald joins host Amar Reganti to discuss the potential effects of tariffs and other fiscal decisions on the bond market.2:20 Liberation Day fallout5:10 Tariffs as taxes7:40 Breaking down market impacts10:10 Structural increase in term premia12:45 Inflation breakeven signals15:55 Probability of recession19:00 Managing fixed income portfolios

Critical shipping routes around the world, from the Panama Canal to the Bosphorus Strait, hold strategic importance for global trade. As a result, these chokepoints are often caught in the crosshairs of geopolitical competition. But in a new age of economic warfare, invisible chokepoints are also emerging. The dominance of the US dollar, economic sanctions, and tariffs on imported goods can all be leveraged to achieve political goals. Meanwhile, nations are laying out plans to increase defense spending—potentially altering the outlook for productivity, industrial activity, and economic growth. With economic warfare becoming a lasting feature of the investment environment, new winners and losers based on country, region, sector and asset class could emerge. This episode of The Outthinking Investor explores how economic warfare, national security concerns, and friend-shoring in global trade are creating new implications for investors to consider. Our guests are: Edward Fishman, senior research scholar at Columbia University's Center on Global Energy Policy and author of the new book, “Chokepoints: American Power in the Age of Economic Warfare” Katharine Neiss, PGIM Fixed Income's Deputy Head of Global Economics and Chief European Economist Jeff Rathke, President of the American-German Institute at Johns Hopkins University and former American diplomat Do you have any comments, suggestions, or topics you would like us to cover? Email us at thought.leadership@pgim.com, or fill out our survey at PGIM.com/podcast/outthinking-investor. To hear more from PGIM, tune into Speaking of Alternatives, available on Spotify, Apple, Amazon Music, and other podcast platforms. Explore our entire collection of podcasts at PGIM.com.

John Maytham speaks to EWN’s Lindsay Dentlinger about the latest shifts in South Africa’s national budget, unpacking parliamentary dynamics and what the changes mean for key areas like grants, infrastructure, and policing. Follow us on:CapeTalk on Facebook: www.facebook.com/CapeTalkCapeTalk on TikTok: www.tiktok.com/@capetalkCapeTalk on Instagram: www.instagram.com/capetalkzaCapeTalk on YouTube: www.youtube.com/@CapeTalk567CapeTalk on X: www.x.com/CapeTalkSee omnystudio.com/listener for privacy information.

Africa Melane is joined by Accountant, Academic, Activist and Independent Analyst, Khaya Sithole, to discuss the re-tabling of South Africa’s 2025 Budget Review with a focus on what it means for public spending, tax policy, and economic stability. Finance Minister Enoch Godongwana’s decision to reverse the proposed VAT hike and maintain the rate at 15% has sparked fresh debate within the Government of National Unity and among key stakeholders. Follow us on:CapeTalk on Facebook: www.facebook.com/CapeTalkCapeTalk on TikTok: www.tiktok.com/@capetalkCapeTalk on Instagram: www.instagram.com/capetalkzaCapeTalk on YouTube: www.youtube.com/@CapeTalk567CapeTalk on X: www.x.com/CapeTalkSee omnystudio.com/listener for privacy information.

Bongani Bingwa speaks with Songezo Zibi, National Leader of RISE Mzansi and Chairperson of Parliament's Standing Committee on Public Accounts (SCOPA), about the country's fiscal future. Zibi warns that the state is on the verge of collapse unless political leaders move beyond grandstanding and confront the tough fiscal realities ahead. 702 Breakfast with Bongani Bingwa is broadcast on 702, a Johannesburg based talk radio station. Bongani makes sense of the news, interviews the key newsmakers of the day, and holds those in power to account on your behalf. The team bring you all you need to know to start your day Thank you for listening to a podcast from 702 Breakfast with Bongani Bingwa Find all the catch-up podcasts here https://www.primediaplus.com/702/702-breakfast-with-bongani-bingwa/audio-podcasts/702-breakfast-with-bongani-bingwa/ Listen live - 702 Breakfast is broadcast weekdays between 06:00 and 09:00 (SA Time) https://www.primediaplus.com/station/702 Subscribe to the 702 daily and weekly newsletters https://www.primediaplus.com/competitions/newsletter-subscription/  Follow us on social media: 702 on Facebook: http://www.facebook.com/TalkRadio702   702 on TikTok: www.tiktok.com/@talkradio702  702 on Instagram: www.instagram.com/talkradio702  702 on X: www.x.com/Radio702  702 on YouTube: www.youtube.com/@radio702  See omnystudio.com/listener for privacy information.

Transcript: https://361.pub/A22TranscriptThis 361Firm Meetup and Briefing discussed the economic impact of the Trump administration's trade policies. Stephen Burke highlighted the IMF's revised global growth projections, down to 2.8% for 2025 and 3% for 2026, citing trade policy uncertainty as a major factor. Scott Slayton noted a 10.5% decline in the US dollar since January 2020, attributing it to trade tensions and a weaker dollar policy. The discussion also covered the potential for a recession in 2025, the impact of tariffs on exports and imports, and the long-term implications for the US dollar's reserve currency status. The meeting discussed the economic challenges faced by Russia, including high inflation and fiscal problems due to defense spending. The Chilean economy's past success was attributed to factors other than Milton Friedman's advice. The U.S. dollar's recent volatility was compared to past periods, with concerns about its future as a reserve currency. Upcoming bond auctions and their potential impact were highlighted, along with the unpredictability of tariff policies. The discussion also touched on the potential long-term effects of tariffs on manufacturing and the need for strategic investments to maintain U.S. competitiveness.OutlineMeetup - Introductions and New Members, Saudi Event LogisticsBriefing Starts with Discussion on Trade Policy and Economic Impact (see summary above)Stephen Burke discusses the IMF's revised growth projections, highlighting the impact of trade policy uncertainty on global growth.Scott Slayton's Analysis on the US DollarScott Slayton presents his report on the US dollar, highlighting the significant decline in the dollar since the Trump administration took office, the impact of high tariffs on growth, competitiveness, and the US dollar's role as a reserve currency, potential for a weaker dollar to support exports and the impact on American exceptionalism, need for investors to diversify into foreign stocks, bonds, and real assets.Q&A and Further DiscussionRoger Arjoon questions the rationality of Trump's trade policies and the potential for a recession.Stephen Burke and Scott Slayton discuss the potential outcomes of the trade negotiations and the impact on the US dollar. Economic Situation in Russia and ChileSimon Vine discusses the economic crisis in Russia, highlighting the depletion of their reserve fund and the high inflation due to defense spending.He compares the current situation in Russia to the Chilean economy, noting that Chile's economic success was not due to Milton Friedman's advice but to other factors.Vine mentions that the dollar's value has fluctuated significantly in the past, citing 1994He expresses uncertainty about the future but hopes that the current drastic measures will be successful.Bond Vigilante Front and Dollar WeaknessLeslie Bendig asks about the potential for another bond auction issue and the impact of a weak US dollar on Asia in 2026.Stephen Burke explains that the bond auctions could be influenced by various factors, including Fed meetings and trade discussions. Burke discusses the mixed impact of a weaker dollar on Asia, considering both the benefits and the potential for higher inflation and slower growth.Impact of Tariffs on Consumer BehaviorMichael Hammer shares a personal anecdote about the rising cost of sneakers at Walmart, attributing the increase to tariffs.Stephen Burke acknowledges the potential for significant market distortions and volatility due to unusual policies.Long-Term Investment Needs and Competitive AdvantageSameer Sirdeshpande emphasizes the need for long-term investments in manufacturing, distribution, and innovation to remain competitive.Mark Sanor mentions that the upcoming San Francisco event will address these issues, highlighting the importance of strategic investments.Legal and Political UncertaintiesParth Vakil questions the impact of successful trade renegotiations on the dollar's reserve currency status.Stephen Burke believes that the US's scale and depth make it difficult for any alternative currency to replace the dollar.Volatility and Investment OpportunitiesMichael Hammer and Stephen Burke discuss the volatility in the market and its impact on investors.Hammer argues that the overall trend will continue to be downward, while Burke sees opportunities for investors to upgrade their portfolios. You can subscribe to various 361 events and content at https://361firm.com/subs. For reference: Web: www.361firm.com/homeOnboard as Investor: https://361.pub/shortdiagOnboard Deals 361: www.361firm.com/onbOnboard as Banker: www.361firm.com/bankersEvents: www.361firm.com/eventsContent: www.youtube.com/361firmWeekly Digests: www.361firm.com/digest

Dennis Davis joins John Maytham to unpack the DA and EFF’s court challenge to Finance Minister Enoch Godongwana’s VAT hike. Davis, a retired judge and constitutional law expert, explains why the case matters, what’s at stake in terms of parliamentary process, and how the outcome could shape future tax legislation.See omnystudio.com/listener for privacy information.

Susan Pendergrass speaks with Sean McCarthy, Director of Fiscal Policy for the Arizona House of Representatives, about the state's innovative approach to education. They discuss universal school choice, open enrollment, and the broader implications of Arizona's funding mechanisms. McCarthy highlights Arizona's unique position as a national leader in school choice, the role of parental decision-making, and the challenges involved in education budgeting. They also discuss the Empowerment Scholarship Account (ESA) program and examine the positive impact this approach has had on rural schools across the state. Timestamps: 00:00 Introduction to Arizona's Fiscal Policy and Education System 00:48 Universal School Choice in Arizona 03:55 Open Enrollment Dynamics and Parental Choices 10:13 Funding Mechanisms and Their Implications 14:59 Challenges in Education Funding and Budgeting 19:59 Arizona's ESA Program and Parental Empowerment 26:55 Rural Education and School Choice Outcomes Produced by Show-Me Opportunity

Mayor Cantrell's administration and the City Council lack sound fiscal policies according to BGR Tommy talks with Becky Mowbray, President and CEO of BGR

In this episode, Darius Dale of 42Macro joins the show to discuss Trump transitioning the US economy to a new paradigm, the potential for a recession and its impact on markets, and the threat of a debt refinancing air pocket. We also delve into why the Fed needs to transition to QE, how to approach portfolio allocation and risk management, and more. Enjoy! — Follow Darius: https://x.com/DariusDale42 Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance Forward Guidance Telegram: https://t.me/+nSVVTQITWSdiYTIx — Join us at Permissionless IV June 24th - 26th. Use code FG10 for 10% OFF! https://blockworks.co/event/permissionless-iv — At Ondo, we design institutional-grade platforms, assets, and infrastructure to bring financial markets onchain. We believe that combining the best of TradFi with the best of DeFi will dramatically improve our financial system—making it fairer, faster, and more accessible to all. Learn more about how Ondo is bringing capital markets onchain at https://ondo.finance/ Ledger, the world leader in digital asset security for consumers and enterprises, proudly sponsors Forward Guidance, where traditional finance meets crypto. As Ledger celebrates a decade of securing 20% of the world's crypto assets, it offers a secure gateway for those entering digital finance. Buy a LEDGER™ device today and protect your assets with top-tier security technology. Buy now on https://Ledger.com. — Timestamps: (00:00) Introduction (00:06) Key Market Narratives (04:03) Trump's Economic Vision (13:28) Ads (Ondo, Ledger) (14:39) Trump's Economic Vision (Con't) (16:02) Technical vs. Actual Recession (20:02) Credit Cycle and Market Positioning (25:13) Market Pricing for Recession (30:15) Fiscal Policy and Tax Cuts (32:39) Ads (Ondo, Ledger) (33:54) Federal Reserve's Mandates and QE (37:26) Global Liquidity and Debt Refinancing (43:50) Portfolio Construction and Risk Management (47:34) KISS Portfolio System (52:29) Managing Different Opinions & Systematic Investing — Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode of Uncommon Sense with Ginny Robinson, I'm giving my take (to the best of my ability—because I'm not a tariff expert and neither are most of the people chiming in right now) on Trump's gutsy new tariff move. It's the one that's got half the country cheering and the other half clutching their pearls. While the media yells “economic suicide,” I'm here to suggest that this strategy might actually work—but not overnight. We'll talk about the possibility of long-term gain, the reality of short-term discomfort, and the cultural obsession with instant results when what's often required is patience. I will also go over our collective short attention spans and why longer attention spans are needed for understanding complex issues like this. Every answer won't fit in a 15 second soundbite. At the end of the day, we'll have to pray, wait, and see. Some of the smartest plays take time to unfold.—https://noblegoldinvestments.com/learn/gold-and-silver-guide/?utm_campaign=21243613394&utm_source=g&utm_medium=cpc&utm_content=&utm_term=noble%20gold&seg_aprod=&ad_id=698073353663&oid=2&affid=1&utm_source=google&affiliate_source=googleads_brand_bmbc&utm_term=noble%20gold&gad_source=1&gbraid=0AAAAADQ2DzJSJ_mi5cJo8dO2FNUs7uNy-&gclid=CjwKCAjwktO_BhBrEiwAV70jXtjSCyioSM2Hz1McTAlR3f8t3KCDDN3-XBWLaIzwJmiEGe0ztxIk5RoCnM0QAvD_BwE

Exploring the continued evolution of the ETF landscape, fueled by rapid growth in active ETFs and an expanding universe of investment choices. ETFs, or exchange-traded funds, were born out of a need for greater market liquidity following the 1987 stock market crash known as Black Monday. US regulators determined that institutions needed the ability to trade stocks more efficiently and cost-effectively during trading days. In 1993, the first ETF in the US emerged: SPY. With one trade, investors could buy or sell a basket of stocks that tracked companies in the S&P 500. ETFs have since revolutionized investing. A combination of liquidity, diversification, tax efficiency and ease of access has helped ETFs attract trillions of dollars in capital. A 2019 regulatory update in the US, which made it easier to launch new ETFs, paved the way for further expansion, fueled by active strategies that are driving the next phase of growth. Offering access to actively managed strategies across stocks, bonds and alternatives, active ETFs surpassed $1 trillion in global assets under management for the first time in 2024. Our guests are Matt Collins, CFA, Head of ETFs at PGIM Investments; Eric Balchunas, senior ETF analyst at Bloomberg Intelligence and author of “The Institutional ETF Toolbox”; and Dave Nadig, independent financial futurist and former CEO of ETF.com. Learn more about PGIM ETFs at PGIM.com/investments/exchange-traded-funds-etfs. Do you have any comments, suggestions, or topics you would like us to cover? Email us at thought.leadership@pgim.com, or fill out our survey at PGIM.com/podcast/outthinking-investor. To hear more from PGIM, tune into Speaking of Alternatives, available on Spotify, Apple, Amazon Music, and other podcast platforms. Explore our entire collection of podcasts at PGIM.com.

Send us a textJoin the CRE Collaborative Roundtable hosts for a candid conversation and insights into the real estate industry, focusing on Digital Transformation and Technology in Real Estate, Tariffs and Construction Industry Impacts, Fiscal Policy, Tax, and Opportunity Zones including Broader Regulatory and Economic Considerations. This month's RoundTable Hosts: Andreas Senie, Host, Founder CRE Collaborative, Technology Growth Strategist, CRETech Thought Leader, Founder & Brokerage OwnerSaul Klein, Realtor Emeritus, Data Advocate & Futurist, Original Real Estate Internet Evangelist, Executive Editor Realty TimesChris Abel, Vice President Associated Builders & Contractors Association, CT Chapter•Dan Wagner, Senior Vice President Government Relations at The Inland Real Estate Group of Companies, Inc.Learn more at https://welcome.creco.ai/reroundtable## Key Take Aways ## Despite economic uncertainties, positive trends include:- Busy market conditions with active lending, growing investor interest, and steady construction activity- Continued evolution and adaptation of MLS systems and real estate data management- Increased focus on technology integration (both AI and digital platforms) to drive efficiency and customer satisfaction• Emphasis on proactive engagement:- Encouragement for industry participants to become involved in policy discussions, association activities, and technological innovation to navigate challenges and capitalize on opportunities in the evolving real estate landscape.ABOUT THE ROUNDTABLE: Your all in one comprehensive view of what is happening across the real estate industry -- straight from some of the industry's earliest technology adopters and foremost experts in Technology, Marketing, Capital, Construction & Cyber Security in Real Estate  Join us live at 6 PM EST on the 1st Thursday of each month, across all major social media channels and wherever you get your podcasts.  This three-part show consists of:  Part I: Introductions and what's new for each panelist and the business sector Part II: Sector Focus on the past month's most prominent news and paradigm shifts Part III: What does all this mean for real estate businesses, and what you can do for the next 30 days  Learn more at https://welcome.creco.ai/reroundtable #crecollaborator #CRE #CommercialFinance #RealEstate #cpace #CommercialRealEstate #Financing #Podcast#DST #1031exchanges #datadrivenbusiness #businessmanagement #commercialrealestateDon't forget to subscribe to our YouTube channel where there is a host of additional great content and to visit CRECo.ai the Commercial Real Estate Industry's all-in-one dashboard to connect, research, execute, and collaborate online CRECo.ai. Please be sure to share, rate, and review us it really does help! Learn more at : https://welcome.creco.ai/reroundtable

Chris Hagenow, president of Iowans for Tax Relief, and Mike Owen, deputy director of Common Good Iowa discuss taxes and fiscal policy.

Political analyst Dr Ntsikelelo Breakfast joins John Maytham to unpack the implications of the Democratic Alliance’s decision to vote against Finance Minister Enoch Godongwana’s budget in Parliament. With the ANC securing enough support to pass the fiscal framework without its main GNU partner, questions are mounting over the DA’s continued role in the coalition. Dr Breakfast explores the possible political realignments, the risks for national governance, and what this moment reveals about the fragility of the Government of National Unity.See omnystudio.com/listener for privacy information.

Are tax hikes really driving up illicit trade, or is the industry narrative just smoke and mirrors? Professor Corné van Walbeek, Director of UCT’s Research Unit on the Economics of Excisable Products (REEP), joins John Maytham to unpack key insights into why beer consumption is thriving despite tax increases, how Treasury’s tiered alcohol tax model is encouraging healthier choices, and why South Africa is losing billions each year to illicit cigarettes. It is a data-driven deep dive into the numbers, the narrative, and the policy path forward.See omnystudio.com/listener for privacy information.

In Episode 407 of Hidden Forces, Demetri Kofinas speaks with the Macro Tourist's Kevin Muir about the power of fiscal spending and why fiscal austerity and trade tariffs will lead to lower asset prices, U.S. equity market underperformance, and a falling U.S. dollar. Kevin and Demetri spend the first hour of this podcast discussing the importance of fiscal policy and why government spending has been one of the biggest sources of outperformance for investors in the last five years. They discuss why that's the case, why the effects of fiscal policy continue to be overlooked and discounted relative to monetary policy, and what this means going forward if we take the Trump team at his word about wanting to reduce the deficit and scale back on fiscal spending. In the second hour, Muir and Kofinas dig even deeper into the fiscal spending implications for U.S. equity and bond markets, concerns about rotation risk into global equities, the investment opportunities in Europe and Asia, downside risks to the US dollar, the China gold put, and much more. Subscribe to our premium content—including our premium feed, episode transcripts, and Intelligence Reports—by visiting HiddenForces.io/subscribe. If you'd like to join the conversation and become a member of the Hidden Forces Genius community—with benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinners—you can also sign up on our subscriber page at HiddenForces.io/subscribe. If you enjoyed today's episode of Hidden Forces, please support the show by: Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed Writing us a review on Apple Podcasts & Spotify Joining our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and support the podcast at https://hiddenforces.io. Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 03/24/2025

With the national budget vote looming and the country watching closely, the ANC and DA appear to be on the brink of a deal that would secure passage of a highly contentious budget — including a 0.5% increase in VAT. Pieter du Toit, Assistant Editor of Investigations at News24 and author of The Super Cadres, The Stellenbosch Mafia, and The ANC Billionaires, joins John Maytham to unpack the latest behind-the-scenes negotiations. See omnystudio.com/listener for privacy information.

The Chinese finance minister has said the country will implement a more proactive fiscal policy this year and ensure its sustained strength and effectiveness.

This week, we discuss takeaways from the FOMC meeting and SEP, the balance of Treasury and fiscal policy, and how a strategic Bitcoin reserve and stablecoins play into the United States' goals. We also delve into the US sovereign wealth fund, our highest conviction trades, and more. Enjoy! — Follow Quinn: https://x.com/qthomp Follow Mike: https://x.com/MikeIppolito_ Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance Forward Guidance Telegram: https://t.me/+nSVVTQITWSdiYTIx — Forward Guidance Audience Survey: https://forward-guidance.beehiiv.com/forms/109bcbf7-0948-43b8-be8d-5390a5198125 — Join us at Permissionless IV June 24th - 26th. https://blockworks.co/event/permissionless-iv — Timestamps: (00:00) Introduction (01:08) FOMC Meeting Insights (05:46) Treasury and Fiscal Policy (10:26) Global Economic Dynamics (20:06) Digital Assets and Crypto Market (24:48) US Sovereign Wealth Fund (30:20) Digital Asset Big Picture (34:01) Highest Conviction Trades — Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Premier of the Western Cape, Alan Winde, joins John Maytham to discuss the province’s reaction to Finance Minister Enoch Godongwana’s National Budget. With a proposed VAT increase and a R60 billion budget shortfall, Winde shares his concerns about the impact on businesses, households, and service delivery in the Western Cape.See omnystudio.com/listener for privacy information.

In this episode, Vincent Deluard joins the show to discuss his on-the-money inflation calls and future outlook, the consequences of Trump's tariff flip-flopping, and the buyers of US duration. We also delve into the impact of DOGE, the Trump Admin's Treasury market goals, the surge in foreign yields, and more. Enjoy! __ Follow Vincent Deluard: https://x.com/VincentDeluard Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance Forward Guidance Telegram: https://t.me/+nSVVTQITWSdiYTIx — Forward Guidance Audience Survey: https://forward-guidance.beehiiv.com/forms/109bcbf7-0948-43b8-be8d-5390a5198125 — Join us at Digital Asset Summit 2025 March 18th - 20th. USE CODE FG10 FOR 10% OFF general admission! https://blockworks.co/event/digital-asset-summit-2025-new-york — Timestamps: (00:00) Introduction (00:40) Inflation Predictions and Seasonal Adjustments (05:50) Stagflation Concerns and Economic Slowdown (07:33) State-Level Spending and Fiscal Policy (17:42) Tariffs & the Art of the Deal (19:25) Economic Noise vs Signal (23:36) Federal Reserve and Monetary Policy (25:36) DAS Promo (26:13) Bond Market and Liquidity (33:23) Target Date Funds (36:17) Trump Administration Goals (51:06) Surge in Foreign Yields (59:22) Market Predictions (01:03:36) Learn More About Vincent __ Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

With a standard deck of cards, there are around 2.5 million potential hands at the start of each game of poker. The key to success is in the decision process—determining how to play a hand, and how much to bet, despite not knowing which cards are in another player's hand. Like in poker, every investment decision includes at least some degree of uncertainty. What lessons can poker teach investors about sizing their bets, managing risk, and making better decisions for their portfolio?  This episode of The Outthinking Investor delivers insights on the benefits of probabilistic thinking, the best methods for analyzing portfolio decisions, and how investors could develop a sound decision-making process for targeting returns - even when facing uncertainty and market volatility.   Our guests are Annie Duke, a decision scientist, former world-class professional poker player, and the author of books including “Thinking in Bets” and “Quit”; Tina Lindstrom, Head of Oil Derivatives Trading for North America at Marex; and Adam Papallo, Head of Implementation Research at PGIM Quantitative Solutions.  Do you have any comments, suggestions, or topics you would like us to cover? Email us at thought.leadership@pgim.com, or fill out our survey at PGIM.com/podcast/outthinking-investor. 

Sign up for our free March 24 webinar right here: https://event.webinarjam.com/register/27/l3k2rby6Another bazooka, this time from Germany, of all places. The mere thought of it has been enough to send the German bond market into a tailspin and sending yields to nearly their highest in fourteen years while also pulling other parts of the marketplace into it, too. Does the selloff signal inflation, success, or something else entirely? What are the implications for everyone else?Eurodollar University's Money & Macro AnalysisPolitico Germany moves to overhaul debt rules to unleash major defense spendinghttps://www.politico.eu/article/germany-unveils-e500-billion-defense-plan-as-security-threats-mount/Roberto Perotti What Do We Know about the Effects of Fiscal Policy?https://www.siepweb.it/siep/wp/wp-content/uploads/2021/03/1397925830013.pdfWilson, Daniel J.. 2012. "Fiscal Spending Jobs Multipliers: Evidence from the 2009 American Recovery and Reinvestment Act." American Economic Journal: Economic Policy, 4 (3): 251–82.https://www.aeaweb.org/articles/pdf/doi/10.1257/pol.4.3.251https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

In today's episode, we'll hear from Craig Jeffery on fiscal stimulus. What is it, and what is its purpose? How does it impact the economy, finance, and treasury? Listen in to learn about common tools and how fiscal stimulus is funded.

Tax reform isn't just about lowering rates—it's about creating the right incentives for economic growth and ensuring sustainable government spending. In this episode of the Let People Prosper Show, Grover Norquist, president of Americans for Tax Reform, joins me to discuss tax reform at both the federal and state levels, the importance of sustainable budgeting, and why tariffs harm American businesses and consumers. Grover shares his insights on the future of tax cuts, how states like Texas can remain leaders in tax competitiveness, and the importance of reducing government waste. We also explore how smart fiscal policies at the state level can influence federal tax reform, making this a must-listen for anyone who wants a pro-growth tax policy that allows people to prosper.For more insights, visit vanceginn.com and get even greater value with a subscription to my Substack newsletter at vanceginn.substack.com. 

This Flashback Friday is from episode 262, published last June 9, 2012. Countries around the globe are teetering on the brink of bankruptcy, with our own country no exception. Jason Hartman interviews Dr. Kirk Elliot, Ph.D., investment adviser with ICA, on monetary and fiscal policy and the irresponsibility of governments around the world. Using Greece as an example, Dr. Elliott states that when governments run out of money, they start doing crazy things. The one fundamental issue in Greece is public debt, over which they lost their autonomy and are now under the rules of the EU. Italy, Iceland, Portugal, France and others are on the verge of bankruptcy and due to that, the EU has been unable to bail out Greece. Across the pond in the U.S., we have lost our credit rating and are losing the reserve currency status with a lack of interest in our Treasury bills and notes. The definition of inflation is an increase in the money supply, and price increases are a symptom of inflation. As more money is printed, it loses value and nobody wants it, which is sending the U.S. down the same tube as other countries in economic crisis. People around the world have lost faith in the U.S. dollar and the country's ability to repay its debt. Dr. Elliott says when interest rates go up, it will open a whole new can of worms with the bond market, which will come crashing down hard on retirees and insurance companies. But it's not all doom and gloom. There are counter-cyclical investment strategies that people should take advantage of that are attached to physical assets, such as precious metals and real estate investments (commodities with universal need.) Kirk Elliott has been an investment adviser with ICA in Durango, Colorado since January of 2002 and has been working in the financial services industry since 1994. Dr. Elliott is passionate about educating and equipping his clients with the information they need to safeguard their hard-earned assets. Dr. Elliott earned his Ph.D. in Public Policy and Administration from Walden University. His dissertation is entitled, “An Empirical Identification of an Appropriate Inflation Definition and an Inflation Targeting Monetary Policy.” Dr. Elliott also earned a Master of Arts in International Studies from the University of Denver, and a B.S. in Business Administration from the University of Colorado.   Follow Jason on TWITTER, INSTAGRAM & LINKEDIN Twitter.com/JasonHartmanROI Instagram.com/jasonhartman1/ Linkedin.com/in/jasonhartmaninvestor/ Call our Investment Counselors at: 1-800-HARTMAN (US) or visit: https://www.jasonhartman.com/ Free Class:  Easily get up to $250,000 in funding for real estate, business or anything else: http://JasonHartman.com/Fund CYA Protect Your Assets, Save Taxes & Estate Planning: http://JasonHartman.com/Protect Get wholesale real estate deals for investment or build a great business – Free Course: https://www.jasonhartman.com/deals Special Offer from Ron LeGrand: https://JasonHartman.com/Ron Free Mini-Book on Pandemic Investing: https://www.PandemicInvesting.com

This Flashback Friday is from episode 261, published last June 9, 2012. Countries around the globe are teetering on the brink of bankruptcy, with our own country no exception. Jason Hartman interviews Dr. Kirk Elliot, Ph.D., investment adviser with ICA, on monetary and fiscal policy and the irresponsibility of governments around the world. Using Greece as an example, Dr. Elliott states that when governments run out of money, they start doing crazy things. The one fundamental issue in Greece is public debt, over which they lost their autonomy and are now under the rules of the EU. Italy, Iceland, Portugal, France and others are on the verge of bankruptcy and due to that, the EU has been unable to bail out Greece. Across the pond in the U.S., we have lost our credit rating and are losing the reserve currency status with a lack of interest in our Treasury bills and notes. The definition of inflation is an increase in the money supply, and price increases are a symptom of inflation. As more money is printed, it loses value and nobody wants it, which is sending the U.S. down the same tube as other countries in economic crisis. People around the world have lost faith in the U.S. dollar and the country's ability to repay its debt. Dr. Elliott says when interest rates go up, it will open a whole new can of worms with the bond market, which will come crashing down hard on retirees and insurance companies. But it's not all doom and gloom. There are counter-cyclical investment strategies that people should take advantage of that are attached to physical assets, such as precious metals and real estate investments (commodities with universal need.) Kirk Elliott has been an investment adviser with ICA in Durango, Colorado since January of 2002 and has been working in the financial services industry since 1994. Dr. Elliott is passionate about educating and equipping his clients with the information they need to safeguard their hard-earned assets. Dr. Elliott earned his Ph.D. in Public Policy and Administration from Walden University. His dissertation is entitled, “An Empirical Identification of an Appropriate Inflation Definition and an Inflation Targeting Monetary Policy.” Dr. Elliott also earned a Master of Arts in International Studies from the University of Denver, and a B.S. in Business Administration from the University of Colorado. Dr. Elliott has served as adjunct faculty for Fort Lewis College, Liberty University and Walden University in the areas of Economics, Public Policy, and International Business.   Follow Jason on TWITTER, INSTAGRAM & LINKEDIN Twitter.com/JasonHartmanROI Instagram.com/jasonhartman1/ Linkedin.com/in/jasonhartmaninvestor/ Call our Investment Counselors at: 1-800-HARTMAN (US) or visit: https://www.jasonhartman.com/ Free Class:  Easily get up to $250,000 in funding for real estate, business or anything else: http://JasonHartman.com/Fund CYA Protect Your Assets, Save Taxes & Estate Planning: http://JasonHartman.com/Protect Get wholesale real estate deals for investment or build a great business – Free Course: https://www.jasonhartman.com/deals Special Offer from Ron LeGrand: https://JasonHartman.com/Ron Free Mini-Book on Pandemic Investing: https://www.PandemicInvesting.com

This is a remedial course in how banking works, the tension between deposit rates and borrowing rates, and the way in which freedom and virtue are cultivated by true relationship banking. An episode you won't want to miss!

Taxpayers across the state sent angry emails and phone calls to lawmakers, as the Senate Committe on Tax and Fiscal Policy gutted the property tax reform bill of key provisions on Tuesday. The surprise move left citizens upset and the governor scrambling on how to save his top legislative item. Rob Kendall, Abdul-Hakim Shabazz, and Jim Merritt discuss what's next for Senate Bill 1 on Statehouse Happenings. See omnystudio.com/listener for privacy information.

Pat Toomey is a former senator from the state of Pennsylvania and served on the Committee on Banking, Housing, and Urban Affairs. In Pat's first appearance on the show he discussed his career in public service, Fed master accounts, the future on monetary policy, his quest for Fed accountability, the looming debt issue, and much more. Check out the transcript for this week's episode, now with links. Recorded on January 23rd, 2025 Follow David Beckworth on X: @DavidBeckworth Follow Pat Toomey: @SenToomey Follow the show on X: @Macro_Musings Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server! Join the Macro Musings mailing list! Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps: (00:00:00) – Intro (00:01:09) – Senator Toomey's Committee Work (00:21:21) – Federal Reserve Master Accounts (00:27:07) – Accountability of the Fed (00:30:07) – Monetary Policy (00:45:19) – Debts, Deficits, and Fiscal Policy (00:57:22) – Outro

David and Ejaaz dissect the latest in AI crypto markets after a ruthless 70% drop, weighing whether it's just a temporary setback or a major reset. Arc and Fartcoin show surprise rebounds, Virtuals unveils a $2M “fiscal policy” to fund agent innovation, and Coinbase's AI hackathon spotlights a future swarming with yield-bots and marketing agents. Meanwhile, Freya's vision of sovereign on-chain AI may mark the next frontier. If you're tracking the evolution of agents, markets, and where crypto's AI boom goes next, this episode is a must-listen (as always, anon). ------

Our Global Head of Fixed Income and Public Policy Research, Michael Zezas, and Global Head of Macro Strategy, Matt Hornbach, discuss how the Trump administration's fiscal policies could impact Treasuries markets.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Global Head of Fixed Income and Public Policy Research.Matthew Hornbach: And I'm Matthew Hornbach, Global Head of Macro Strategy.Michael Zezas: Today, we'll talk about U.S. fiscal policy expectations under the new Trump administration and the path for U.S. Treasury yields.It's Thursday, January 30th at 10am in New York.Fiscal policy is one of the four key channels that have a major impact on markets. And I want to get into the outlook for the broader path for fiscal policy under the new administration. But Matt, let's start with your initial take on this week's FOMC meeting.Matthew Hornbach: So, investors came into the FOMC meeting this week with a view that they were going to hear a message from Chair Powell that sounded very similar to the message they heard from him in December. And I think that was largely the outcome. In other words, investors got what they expected out of this FOMC meeting. What did it say about the chance the Fed would lower interest rates again as soon as the March FOMC meeting? I think in that respect investors walked away with the message that the Fed's baseline view for the path of monetary policy probably did not include a reduction of the policy rate at the March FOMC meeting. But that there was a lot of data to take on board between now and that meeting. And, of course, the Fed as ever remains data dependent.All of that said, the year ahead for markets will rely on more than just Fed policy. Fiscal policy may feature just as prominently. But during the first week of Trump's presidency, we didn't get much signaling around the president's fiscal policy intentions. There are plenty of key issues to discuss as we anticipate more details from the new administration.So, Mike, to set the scene here. What is the government's budget baseline at the start of Trump's second term? And what are the president's priorities in terms of fiscal policies?Michael Zezas: You know, I think the real big variable here is the set of tax cuts that expire at the end of 2025. These were tax cuts originally passed in President Trump's first term. And if they're allowed to expire, then the budget baseline would show that the deficit would be about $100 billion smaller next year.If instead the tax cuts are extended and then President Trump were able to get a couple more items on top of that – say, for example, lifting the cap on state and local tax deduction and creating a domestic manufacturing tax credit; two things that we think are well within the consensus of Republicans, even with their slim majority – then the deficit impact swings from a contraction to something like a couple hundred billion dollars of deficit expansion next year. So, there's meaningful variance there.And Matt, we've got 10-year Treasury yields hovering near highs that we haven't seen since before the global financial crisis around 10 years ago. And yields are up around a full percentage point since September. So, what's going on here and to what extent is the debate on the deficit influential?Matthew Hornbach: Well, I think we have to consider a couple of factors. The deficit certainly being one of them, but people have been discussing deficits for a long time now. It's certainly news to no one that the deficit has grown quite substantially over the past several years. And most investors expect that the deficit will continue to grow. So, concerns around the deficit are definitely a factor and in particular how those deficits create more government bonds supply. The U.S. Treasury, of course, is in charge of determining exactly how much government bond supply ends up hitting the marketplace.But it's important to note that the incoming U.S. Treasury secretary has been on the record as suggesting that lower deficits relative to the size of the economy are desired. Taking the deficit to GDP ratio from its current 7 per cent to 3 per cent over the next four years is desirable, according to the incoming Treasury secretary. So, I think it is far from conclusive that deficits are only heading in one direction. They may very well stabilize, and investors will eventually need to come to terms with that possibility.The other factor I think that's going on in the Treasury market today relates to the calendar. Effectively we have just gone through the end of the year. It's typically a time when investors pull back from active investment, but not every investor pulls back from actively investing in the market. And in particular, there is a consortium of investors that trade with more of a momentum bias that saw yields moving higher and invested in that direction; that, of course, exacerbated the move.And of course, this was all occurring ahead of a very important event, which was the inauguration of President Trump. There was a lot of concern amongst investors about exactly what the executive orders would entail for key issues like trade policy. And so there was, I think, a buyer's strike in the government bond market really until we got past the inauguration.So, Mike, with that background, can you help investors understand the process by which legislation and its deficit impact will be decided? Are there signposts to pay attention to? Perhaps people and processes to watch?Michael Zezas: Yeah, so the starting point here is Republicans have very slim majorities in the House of Representatives and the Senate. And extending these tax cuts in the way Republicans want to do it probably means they won't get enough Democratic votes to cross the aisle in the Senate to avoid a filibuster.So, you have to use this process called budget reconciliation to pass things with a simple majority. That's important because the first step here is determining how much of an expected deficit expansion that Republicans are willing to accept. So, procedurally then, what you can expect from here, is the House of Representatives take the first step – probably by the end of May. And then the Senate will decide what level of deficit expansion they're comfortable with – which then means really in the fall we'll find out what tax provisions are in, which ones are out, and then ultimately what the budget impact would be in 2026.But because of that, it means that between here and the fall, many different fiscal outcomes will seem very likely, even if ultimately our base case, which is an extension of the TCJA with a couple of extra provisions, is what actually comes true.And given that, Matt, would you say that this type of confusion in the near term might also translate into some variance in Treasury yields along the way to ultimately what you think the end point for the year is, which is lower yields from here?Matthew Hornbach: Absolutely. There's such a focus amongst investors on the fiscal policy outlook that any volatility in the negotiation process will almost certainly show up in Treasury yields over time.Michael Zezas: Got it.Matthew Hornbach: On that note, Mike, one more question, if I may. Could you walk me through the important upcoming dates for Congress that could shed light on the willingness or ability to expand the deficit further?Michael Zezas: Yeah, so I'd pay attention to this March 14th deadline for extending stopgap appropriations because there will likely be a lot of chatter amongst Congressional Republicans about fiscal expectations. And it's the type of thing that could feed into some of the volatility and perception that you talked about, which might move markets in the meantime.I still think most of the signal we have to wait for here is around the reconciliation process, around what the Senate might say over the summer. And then probably most importantly, the negotiation in the fall about ultimately what taxes will be passed, what that deficit impact will be. And then there's this other variable around tariffs, which can also create an offsetting impact on any deficit expansion.So still a lot to play for despite that near term deadline, which might give us a little bit of information and might influence markets on a near term basis.Matthew Hornbach: Great. Well Mike, thanks for taking the time to talk.Michael Zezas: Matt, great speaking with you. And as a reminder, if you enjoy Thoughts on the Market, please take a moment to rate and review us wherever you listen and share Thoughts on the Market with a friend or colleague today.