Closing Bell Closing Bell: What Has Been Priced In? 7/28/25
Jul 28, 2025
Dan Greenhaus, Chief Strategist at Solus Alternative Asset Management, shares insights on market dynamics influenced by tech earnings and Fed policies. Bill Miller IV from Miller Value Partners explores crypto strategies, highlighting Bitcoin's rise amid shifting legislative landscapes. The conversation dives into U.S. consumer spending resilience, implications of tariffs and inflation on investments, and the evolving role of AI in driving market growth. They also analyze the impact of significant market moves, showcasing Nike and the semiconductor industry's trends.
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Treasury Borrowing Surges Post Debt Ceiling
- U.S. Treasury borrowing in Q3 is expected to exceed $1 trillion, driven mainly by rebuilding cash reserves after the debt ceiling resolution. - Elevated borrowing remains despite increased tariff revenues, with further borrowing expected in Q4.
Tariffs’ Economic Impact Pending
- Although tariffs are settling at elevated rates (~15%), the macro data has yet to reflect their full economic impact. - Inflation pressures from tariffs may emerge over coming months, potentially slowing growth as costs fall on companies or consumers.
Fed Rate Cut Expected September
- The Fed is likely to cut rates in September due to cooling labor market momentum. - Tariffs have delayed policy easing but rate cuts remain justified given modestly restrictive policy.