Sigma Signals

Week of May 19, 2025

Next on the agenda in Washington, as the noise surrounding the Trump tariff proposals begins to fade, are federal budget negotiations. Currently, our fiscal policy Signal is yellow, indicating a moderate level of concern (Moody’s just downgraded US debt). Any resolution that results in a fiscal surplus and a reduction in the federal debt would have positive long-term implications for the economy. For now, our Signals remain unchanged.

Bob Bilkie, CFA