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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.",
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      "text": "Broader Asset Market Policy Support: A positive impulse for equities. The change in the Fed's framework is supportive of equity assets.",
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      "text": "The Implications of a New Fed Framework: It's all about the average. Powell commented that he may revisit the concept of average inflation targeting.",
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      "text": "A New Fed Policy Framework: Shortfalls vs. Deviations. Chairman Powell remarked at a Fed conference in May that in the next policy framework review they would weight more heavily \"shortfalls\" rather than \"deviations\" to their inflation target.",
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      "text": "Steeper Yield Curves: Implications for long duration. The potential change in the Fed's framework increases the possibility of a steeper curve and underperformance of long duration assets.",
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      "text": "Tariffs: Policy, Strategy and Process: It's not just chaos. It is important to understand that in the eyes of the administration tariff policy needs to develop a rational thesis rather than just react to headlines.",
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