'Leviathan Is Wilting': Stocks Face More Headwinds As 'Fiscal Cheat Code' Dies

Authored by Simon White, Bloomberg macro strategist,

Stocks will encounter further resistance as the impulse from the US fiscal deficit fades and Treasury issuance rapidly slows down.

Leviathan is wilting. The last five years has seen unprecedented government spending and borrowing. But while the fiscal deficit will remain relatively high for the time being, its impulse is already fading.