The first question is to respect the Bill Bill passed by the Senate and now requires approval of the long house. If at all passes, how do you read this progress and what do equity markets mean?
Steve englancle: Well, the market is still trying to read it and some of the order we see in the New York Session because the market has tried different reactions.
What I think is to push it Bundle crops A little because as if they had to compromise, they compromise issues, even tax increases cannot be obtained and likely to not come.
So, I think that part of the bond is reasonable. Equities seem to like it or less. And the dollar isn’t really sure. Markets are concerned about US disability, but they also want higher yields. And what we see is that the usual correlation between rates of variety and the dollar mostly restored in the last months or two months. So, it’s not very good now.
I want to understand from you, now except the tax bill we say, the Tarff Tarff On July 9 also running and because tariffs were announced in April, we recovered from the downs. In fact, at the Market Market S & P 500 and NASDAQ hit their records in the first half of 2025, but after an interesting fashion found the second half of the calendar year. So, where do you see the next leg of action come for US markets and if you can comment on what kind of risk you see because of the tariff area?
Steve englancle: Well, about the cause of the US equity market performance is very good and part of the dollar weakly is that the market cannot be resolved in an aggressive way in the 8th season, but it ends a bit.
And the market wants to see the status quo. I know it’s crazy because everything ends, but there’s a penny that the world can live with 10% of the gems, keeping any penalties, which negotiations are a waste.
If you are looking at the second half of the year, the market at the specified point of view of the Tariff’s debate and what the view of profit, what is the view of profit and say that I can say.
It is not clear that there is a lot of supply of incentive content sold by this bill. So, we need to see how the markets react. It is also possible that the reasons why we only see AI implemented and contributing profit and productivity, which gives a better tone that is completely independent of policy.
But also wants your thoughts on US Dollar And especially the dollar index continued to shop at the lowest level we saw since 2022. How can you see the US dollar and what is the effect of other currencies?
Steve englancle: Well, the market is more negative dollars. Sentiment is very negative dollar. Position is negative dollars. And I don’t think global asset managers and investors sell all dollars or fill all positions in the dollar they want. And again, I say there are different play forces.
Higher terms, it may be the dollar keeps falling. But when we finish upset, the market must decide whether to pursue the produce, they often do, or treat with a risk of having a negative dollar. So, in general, I tell the higher picture that is probably bad, but there is a balanced force in the nearby term to block the dollar.
