Audio commentary: Unraveling the uncertainties

The federal government’s debt has doubled since 2015 – and shows no signs of turning around.

U.S. government borrowing costs on longer-maturity debt have risen more quickly than on shorter-maturity debt since so-called reciprocal tariffs were announced. We discuss what drove that reaction and why the difference is likely to persist.

Galvanized by U.S. rhetoric, the European Union looks to be pivoting towards greater cohesiveness and increased fiscal spending. We examine the implications for the regional equity market.