It’s surprising that the Basel III Endgame proposal may raise bank capital requirements 3-7% given that President Donald Trump’s mantra is deregulation, says Nathan Dean, Bloomberg Intelligence senior policy analyst. Dean joins host Ira Jersey, BI’s chief US rates strategist, to discuss the Office of the Comptroller of the Currency’s stablecoin proposal implementing the Genius Act, along with open questions around rewards, yield and the Clarity Act. They also discuss the state of the Basel III endgame and related proposals that could reshape global systemically important bank capital through 2027, how tariff authority is shifting after a Supreme Court ruling — and why litigation may be the next battleground — and what the November midterms could mean for legislative gridlock, investigations and policy path dependence. There’s also a quick detour to Ira’s World Cup picks.

The Macro Matters podcast is part of BI’s FICC Focus series.