Early Morning with Dave

Early Morning with Dave

Share this post

Early Morning with Dave
Early Morning with Dave
The Great Budget Bill Dichotomy -- Higher Fiscal Deficits Coupled With Less Stimulus

The Great Budget Bill Dichotomy -- Higher Fiscal Deficits Coupled With Less Stimulus

Budget bill restricts, offers no real stimulus

David Rosenberg's avatar
David Rosenberg
May 23, 2025
∙ Paid
2

Share this post

Early Morning with Dave
Early Morning with Dave
The Great Budget Bill Dichotomy -- Higher Fiscal Deficits Coupled With Less Stimulus
Share

Highlights

• Budget bill restricts, offers no real stimulus

• Lesser fiscal drag still pressures growth outlook

• Bullish sentiment jumps as the market approaches prior highs

• Dovish Fed speak, Senate resistance calm bond markets

Key Takeaways

• Fed Doves, Fiscal Pushback Soothe Markets: The bond market has quieted down following dovish comments from Fed Governor Christopher Waller on FOX Business to the effect that he sees no inflation persistence from the tariff hikes, as well as the pushback among some key Senate fiscal hawks on the House budget bill.

Keep reading with a 7-day free trial

Subscribe to Early Morning with Dave to keep reading this post and get 7 days of free access to the full post archives.

Already a paid subscriber? Sign in
© 2025 Rosenberg Research
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture

Share