Q2 2025 Credit Commentary: Up In The Air

2025-07-11 07:15:00 ET

By Patricia Healy, CFA

Many things remain up in the air, and new challenges have arisen! Last quarter we noted so many changes, but all at the same time is unusual. See “ Q1 2025 Credit Commentary Trump 2.0 Effect on Munis and Other Challenges .” Tariff negotiations have yet to be finalized, and the August 1st deadline may see some tariffs revert to 50% if deals are not completed or the deadline isn’t extended again. Federal funding of many institutions and programs is changing and being challenged in the courts and social media. Funding to states for Medicaid, education, and other items is finalized with passage of the Big Beautiful Bill, and now affected parties can finalize or adjust budgeting. And the rise in global tensions has brought more uncertainty. However, the US economy and markets seem to be taking the change and uncertainty in stride....

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