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Macro Snapshot — Market Drivers

 

Theme Market Impact
Shutdown Negotiations Stall Yields rise on fiscal uncertainty; risk assets pressured
ACA Subsidy Impasse Senate support uncertain; partisan gridlock persists
Tariffs Under SCOTUS Review Trade policy volatility returns
Yield Curve Elevated Higher discount rates strain valuations
QT Wind-Down → Re-Expansion USD support ahead despite near-term softness
Diplomatic Improvements (China/Japan) Reduces tail risk, reinforces USD stability