• Markets are watching fiscal policy and have concerns.
  • Markets are looking for more fiscal discipline.
  • Fed won't buy bonds in primary auctions.
  • Hard data shows economy doing quite well, scant sign of tariff impact so far.
  • If tariffs are closer to 10%, then economy is good shape for 2H.
  • If tariffs settle down, Fed could be in position to cut in later part of the year.
  • Much more optimistic now relative to last month on tariffs.
  • Very hopeful the current path of administration is a good one.
  • Firms are pausing but not cancelling plans.
Fed's Waller
Fed's Waller
Source: Forex Live