U.S. Policy Breaks Past Peak Uncertainty

Michael Zezas and Ariana Salvatore discuss the outlook for U.S. public policy and its interaction with markets into 2026, noting that policy uncertainty has decreased since the previous year. They address key policy variables like trade, fiscal policy, and regulation, observing how economic actors are reacting to these policy choices. They also explore potential catalysts for changes in trade policy, such as the Supreme Court's decision on IEPA tariffs and the USMCA review, and consider the possibility of legislative policies impacting consumer behavior, especially in light of the midterm elections.