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  "notes": "The chart illustrates a shift from positive fiscal impulse in the near term to negative fiscal impulse in the long term.",
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      "text": "While the budget process still has a long way to go, the bill emerging from the House reconciliation process suggests more near-term fiscal tailwinds than had been expected. The core focus remains on extending the tax cuts set to expire at the end of this year, but the bill has been structured with front-loaded benefits and backend-weighted costs as well.",
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      "text": "Source: Bloomberg, Don Schneider (Piper Sandler), MSIM. As of May 16, 2025. For illustrative purposes only. Not a recommendation to buy or sell any security.",
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