"It is objectively a strong economy... But consumer confidence remains muted. Although the inflation rate has come down, the level of prices remains much higher than it used to be."
"There's a lot to do on fiscal policy in terms of just extending the original Trump tax cuts, which are due to expire at the end of 2025... We're not convinced we'll see further stimulus."
"During his first term, Trump used tariffs as a negotiating tool... I think there will be a 10% universal tariff and higher tariffs on China... It will add up to 1% to inflation."
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