by Bill O’Grady | PDF
Before the election, there was a sense developing that suggested a major shift in how the US manages the global financial system. This vibe was described as the “Mar-a-Lago Accord,” suggesting the changes were similar in magnitude to historic events such as the Bretton Woods Agreement, Nixon’s closure of the gold window, and the Plaza Accord. In recent weeks, articles and podcasts have emerged which discuss some of the ideas that are percolating. In this report, we lay out the issues facing the US economy, Treasury Secretary Bessent’s plans to address them (at least what we know so far), the likelihood that these plans would be implemented, and the associated potential market ramifications.
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Note: The podcast for this report will be delayed until later this week.
Don’t miss our accompanying podcasts, available on our website and most podcast platforms: Apple | Spotify
These reports were prepared by Confluence Investment Management LLC and reflect the current opinion of the authors. Opinions expressed are current as of the date shown and are based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change. This is not a solicitation or an offer to buy or sell any security. Past performance is no guarantee of future results. Information provided in this report is for educational and illustrative purposes only and should not be construed as individualized investment advice or a recommendation. Investments or strategies discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances.
