Macro / Misc.

Congressional Republicans have begun marking up the reconciliation bill this week passing out of committee $150 billion in increased defense spending. The House Judiciary Committee is expected to approve legislation providing $45 billion in funding…

The House is expected to begin marking up the reconciliation / tax bill this week, as Congress returns from a two-week recess. The lower chamber is also poised to consider legislation to repeal California’s electric…

We have long believed that the risks to the green energy tax provisions in the Inflation Reduction Act (IRA) were higher than the markets believed as Republicans look for offsets to pay for the reconciliation…

We continue to believe there is no better than a 1- in- 4 chance for Congress to enact a tax hike on Royal Caribbean (RCL), Carnival Corporation (CCL), and Norwegian Cruise Lines Holdings (NCLH) in…

Congress returns from recess next week where work is expected to pick up on the reconciliation/tax bill, with various committees beginning to mark up the legislation over the next two weeks. During the next month…

We hosted a conference call yesterday with a trade expert, who has advised various politicians in Washington, and give our takeaways and update views on trade. You can click here for a link to the…

We want to let you know that we are working to set up a trade /tariff conference call for next Wednesday, so keep an eye on your inbox for details.   Below are some quick…

We had a conference call on Monday with a former Trump official and give our takeaways and out updated view on tariffs below. Click here for a link to the conference call transcript and audio…

Recent developments buttress our expectation for an increase in defense spending. A few weeks ago, we told investors when the Trump administration seemingly called for an 8% cut in defense spending that we thought Congress…

Trade will continue to dominate the news this week, while the House is scheduled to consider the budget resolution that the Senate passed early Saturday before both chambers go out on a two-week recess at…