E.J. Antoni

Yeah, this is actually particularly good news, what we're seeing with a lot of these nations in the Middle East, where they are essentially going to be pouring investment into this country. This is where we've got to remember the capital surplus is the flip side of the trade deficit.

For literally every year except for seven from colonial times through 1870, that was the arrangement that the United States essentially had with the rest of the world, where we were buying more from abroad than they bought from us, but they were investing much more here than we were investing abroad.

For literally every year except for seven from colonial times through 1870, that was the arrangement that the United States essentially had with the rest of the world, where we were buying more from abroad than they bought from us, but they were investing much more here than we were investing abroad.

And that not only created those investments, that is, here in the United States, not only created revenue streams, in other words, future income for foreigners, but it also created future income for folks here in the United States, whether that was an American investor or the American worker.

And that not only created those investments, that is, here in the United States, not only created revenue streams, in other words, future income for foreigners, but it also created future income for folks here in the United States, whether that was an American investor or the American worker.

Let's start with that. A lot of that has to do with the fact that Trump has been very successful in slowing the rate of increase in terms of government spending. We saw, for example, with the first GDP report that government purchases actually declined in the first three months of this year compared to the last three months of 2024. That's great news. Doge is working. It's having an effect.

Let's start with that. A lot of that has to do with the fact that Trump has been very successful in slowing the rate of increase in terms of government spending. We saw, for example, with the first GDP report that government purchases actually declined in the first three months of this year compared to the last three months of 2024. That's great news. Doge is working. It's having an effect.

But at the same time, the government has also been up against the debt ceiling. And so even the spending that they've been doing, they haven't been able to borrow. They've been having to go through cash at the Treasury. They're down about $500 billion or so. So that means that essentially the government is not only spending less, but they're borrowing less.

But at the same time, the government has also been up against the debt ceiling. And so even the spending that they've been doing, they haven't been able to borrow. They've been having to go through cash at the Treasury. They're down about $500 billion or so. So that means that essentially the government is not only spending less, but they're borrowing less.

This takes away the primary impetus behind inflation. So most of that price pressure is now gone. It is going to return, unfortunately, at some point. So we have to hope that this tax bill is not only cutting taxes, but cutting spending, too.

This takes away the primary impetus behind inflation. So most of that price pressure is now gone. It is going to return, unfortunately, at some point. So we have to hope that this tax bill is not only cutting taxes, but cutting spending, too.

No, I don't think so. I think it's primarily going to be the issue of the government spending, borrowing, and then printing too much money to pay its bills. In terms of tariffs, we actually really haven't even seen

No, I don't think so. I think it's primarily going to be the issue of the government spending, borrowing, and then printing too much money to pay its bills. In terms of tariffs, we actually really haven't even seen

those effects yet, because when we look at something like the Consumer Price Index, that comes from a survey which is conducted three times a month, the beginning, the middle, and the end, to try to eliminate any temporary spikes within a particular month. Well, when we look at the price increases that we saw in the month of April, for example, that were related to tariffs,

those effects yet, because when we look at something like the Consumer Price Index, that comes from a survey which is conducted three times a month, the beginning, the middle, and the end, to try to eliminate any temporary spikes within a particular month. Well, when we look at the price increases that we saw in the month of April, for example, that were related to tariffs,

They didn't arrive until the very end of the month, the last week. So only one of the three surveys in that month in terms of prices would have picked up any of those increases. We're much more likely to see the impact of tariffs in May, even though those tariffs were first introduced back in April.

They didn't arrive until the very end of the month, the last week. So only one of the three surveys in that month in terms of prices would have picked up any of those increases. We're much more likely to see the impact of tariffs in May, even though those tariffs were first introduced back in April.

Well, unfortunately, that's going to depend largely on how these trade deals shape out, because like we were just saying, they aren't really deals in the sense of we don't have anything concrete, not just in terms of these things haven't been ratified by their respective governments, but they don't even have concrete details in them in the case of something like China.

Well, unfortunately, that's going to depend largely on how these trade deals shape out, because like we were just saying, they aren't really deals in the sense of we don't have anything concrete, not just in terms of these things haven't been ratified by their respective governments, but they don't even have concrete details in them in the case of something like China.

So markets are probably going to continue overreacting to whatever news comes out. In other words, if a piece of good news comes out, we'll see that big bull run. But if a piece of bad news comes out, it'll go the other way. Markets overreacted in the days after April 2nd, and frankly, they're overreacting now again. That's just the nature of the market. These markets are a beast.