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4min chapter
First Republic Under Stress, Now What?
The Macro Trading Floor
Fiscal Deficits and the Inflation Reduction Act
The Biden administration has spent quite a bit on a few one-offs in Q1, for example, the write-off and student loans. And thirdly, which I find very interesting, we are also starting to see the effects of the so-called inflation reduction act. So it seems like this is a larger beast than what they had anticipated at the Congressional Budget Office. In any case, it's quite extraordinary that we have this kind of deficit given where employment is. You would typically not expect the huge deficit of this future.
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