In this episode, Don Schneider Deputy Head of U.S. Policy at Piper Sandler helps us unravel the ongoing political volatility impacting the markets. We discuss the significant topic of the budget reconciliation bill, detailing its current status, timeline for passage, and the key components it entails including tax cuts, spending cuts, and the consequential impacts on the fiscal outlook and growth trajectory. In the episode we address clients' concerns about the new fiscal trajectory, and the interaction between the budget bill and Trump's ongoing tariff policies, assessing their combined effects on growth and treasury issuance. The podcast also covers potential Senate amendments and the risk of the bill not passing, alongside the potential policy focus for investors post-passage. Additionally, we delve into the retaliatory Section 899 tax on foreign multinationals, elaborating on its implications and underlying motivations.