While Congress makes progress on infrastructure legislation, the specter of another debt-ceiling showdown gives investors cause for concern.

A bipartisan deal on infrastructure spending would likely be followed by a separate partisan deal funded by tax increases.

Leveraged loan issuers have lagged other fixed income market issuers in moving to SOFR as a reference rate, posing potential risks to investors as the year-end deadline approaches.

Democrats could begin working on a tax bill later this year, but resulting tax hikes may be weaker and less of a headwind to growth than some fear.

A large fiscal package geared toward pandemic relief will likely boost U.S. growth even further in 2021, but long-term inflationary risks are still balanced.

With a narrowly Democratic Congress, U.S. fiscal spending is likely to increase on economic relief from the pandemic, infrastructure, and healthcare, boosting the economic rebound.

The U.S. political focus has shifted to the reopening of the economy.

The $2.2 trillion stimulus is the biggest ever, but the U.S. Congress may be forced to do even more.

A bolder fiscal response to the rapidly spreading coronavirus has become an economic and political imperative.

Without pouring water on the “love fest,” we contend that the deal struck between China and the U.S. leaves much to be desired.

We believe the impeachment inquiry could have an adverse impact on the ongoing U.S.–China trade conflict, but there may be a silver lining for NAFTA 2.0.

The U.S. has been officially engaged in trade talks with China since March 2018 and has had very few tangible results.

New U.S. tariffs on Mexico would add to the direct economic costs of the string of tariff hikes enacted during this administration.

With the U.S. and China raising tariffs on each other’s goods, we may be entering a prolonged period of trade tension.

While we believe that optimism regarding an evolving and eventual trade deal between the U.S. and China is well-placed, we would caution investors against growing complacent about trade policy risk more broadly.