Pace of 10-Year Yield Gain Can’t Keep Up, Says Hogan

The transcript discusses the current economic environment characterized by rising global yields and the implications for US interest rates. It examines the potential impact of these changes on equity markets, arguing that historical data does not support a drastic shift from equities to fixed income. The discussion also covers the US government's increased borrowing needs for tax cuts, defense, and domestic spending, and how these factors influence market perceptions and reactions. The market's response to budget processes and infrastructure spending is also analyzed, highlighting the tension between fiscal policy and market expectations.

In what ways does the speaker suggest that the market is responding to government spending?

What implications does the speaker suggest regarding the future focus of the government after passing the budget?