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      "text": "As such, much like how some think about a Fed-put, we should also think about a Trump-put.",
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      "text": "The views and opinions expressed are those of the Portfolio Solutions Group at the time of writing of this presentation and are subject to change at any time due to market, economic, or other conditions, and may not necessarily come to pass. Not to be construed as an investment or research recommendation.",
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      "text": "At What Level Does Higher Bond Yields Break Equities? The proverbial question. The answer is that it depends on 1) why yields are rising and 2) which ones.",
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      "text": "PMIs, Manufacturing Recovery, Cyclicals. A global story. As we move into 2025, perhaps the most powerful fundamental theme is a recovery in manufacturing PMIs.",
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      "text": "Fiscal Policy Super Bowl: Taxes, Tariffs, Deregulation. Fiscal policy vs. monetary policy. Markets will remain responsive to announcements on tariffs, taxes, deregulation, immigration and fiscal spending.",
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      "text": "The Yield Curve Tells Us Where Yields Are Going. No trouble with the curve. The question on many people's minds is where bond yields are headed, and we can use the yield curve to determine this.",
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