Guy Labat

It is extraordinarily complicated.

And really, the biggest risk, and it's still, in my view, a modest one, is about how the United States government borrows money, not about credit cards, not directly.

It could affect mortgage rates.

And mortgage rates, ironically, have gone up

since some of the announcements several weeks ago to try to bring them down, in large part because of this geopolitical tension.

Big tech companies are going to be having massive capital expenditure needs this year.

And one thing that they're going to use to fund that is debt issuance.

It includes a handful of, for example, heavy equipment manufacturers because they're contributing to this massive CapEx expansion that's being used for things like data centers across the country.