Hello thoughts on the market listeners.

Before we begin, a note on recent events in the US.

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Welcome to thoughts on the market.

I'm Michael Zezes, head of Public Policy Research and Municipal Strategy for Morgan

Stanley, along with my colleagues bringing you a variety of perspectives. research and municipal strategy for Morgan Stanley.

Along with my colleagues bring you a variety of perspectives,

I'll be talking about the intersection between U.S. public policy and financial markets.

It's Wednesday, June 10th and 11 a.m. in New York. Do deficits matter? When it comes to the

policy preferences of voters and the policy choices in Washington DC, the answer

increasingly appears to be no. That might sound like a problem, but the truth is more complicated.

And right now, this dynamic is probably a good thing for the economy and helps explain why the

stock market has regained all the ground it lost with the onset of COVID-19.

Let's start with the politics of deficits.

When prompted in surveys, voters regularly respond that federal budget deficits are a problem,

and you'd be hard-pressed to find a member of Congress that wouldn't tell you the same.

...