Musk’s cuts fail to stop US federal spending hitting new record...
In February the US budget deficit was BIGGER than ALL TAX REVENUE. Can it be ever be fixed? Source: zerohedge
The Interest Expense on US National Debt rose to a record $1.178 trillion in the last 12 months, an increase of 142% over the past 4 years.
The US Government now spends more money on interest than it does on National Defense. Source: Charlie Bilello
DOGE has had no impact
Deficit in 2025 is bigger than 2024, 2023… Source: The Long View @HayekAndKeynes
February inflation data is out…
• PPI 3.2% YoY, (Est. 3.3%) • PPI 0% MoM, (Est. 0.3%) • PPI Core 3.4% YoY, (Est. 3.5%) • PPI Core -0.1% MoM, (Est. 0.3%)
US inflation comes in lower than forecast:
Headline CPI slows to 2.8% in Feb from 3% in Jan, smallest since Nov2024, Core CPI cools to 3.1%, lowest since Apr2021. Housing inflation cools; airfares and pump prices drop. BUT: Inflation data doesn’t yet reflect tariff impact. Source: HolgerZ, Bloomberg
Here are the countries that own the most US debt
Source: Visual Capitalist
Tariffs "cheat sheet" updated
Source: Bloomberg
Trump 2.0 vs. Trump 1.0
The full market picture by Fund Strat Interesting to link this to Trump's comments yesterday on FoxNews: "There could be a little disruption (…) Look, what I have to do is build a strong country. You can't really watch the stock market. If you look at China, they have a 100 year perspective. We go by quarters. And you can't go by that”. Not the same kind of Trump's put than in 2017...
