William Blair：2025年经济学周刊：债务，关税和减税报告（英文版）

One of the many drawbacks of the regime shift from monetary policy dominance to fiscal policy dominance is that we now have to listen to what our politicians are saying. In a world dominated by monetary policy, financial market participants hang on every word and parse every sentence uttered by the central bankers. While statements by fiscal policymakers still mattered during this past regime, they tended to matter far less than what the Fed had to say. In today’s fiscal policy economy, centr