Fiscal Food Fight

Ironsides Macroeconomics 'It's Never Different This Time'

Fiscal Food Fight

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Fiscal Food Fight

Tariffs, Immigration and Spending reduces the demand for, and supply of labor. Our capex recovery thesis is intact, but Fed resuming rate cuts are on hold.

Barry C. Knapp

Jun 09, 2025

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This is an audio summary of our June 7 note, Fiscal Food Fight

*Figure 3: The sharp increase in the job loss rate was the most notable element of the May report. Reduced immigration is the most probable cause.*

Barry C. Knapp

Managing Partner

Director of Research

Ironsides Macroeconomics LLC

908-821-7584

bcknapp@ironsidesmacro.com

https://www.linkedin.com/in/barr…

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