Macro MATTers: A conversation with Bill English on Fed communications | 15 Jul 2026 | Podzept - Deutsche Bank Research
1. Executive Briefing (TL;DR)
- Trump's Tariff Strategy as Negotiation Leverage: President Donald Trump is utilizing aggressive tariff threats (e.g., 25% on Mexico/Canada, additional 10% on China) primarily as a high-stakes bargaining chip to compel action on border security, fentanyl trafficking, and trade parity [00:00:00].
- Fiscal Deficit & Bond Market Volatility: The persistent U.S. fiscal deficit—projected at 6-7% of GDP during non-recessionary expansion—presents a structural risk to long-term Treasury yields, keeping term premia elevated despite Fed rate cuts [].
References
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