Markets Happy Hour Podcast - July 4, 2025 - Reflections on Independence Day with special guest

In this week's Markets Happy Hour Podcast we are joined by frequent macro commentator Stephen Isaacs, who frequently appears on Bloomberg and other channels. He is an experienced Asian investor and former trader. He asks the question for the ages: Is US exceptionalism over or simply over-priced?

We cycle through our usual themes of inflation, economic indicators, interest rates, equity markets (and the sectors that are in focus) as well as geo-politics and the US dollar. We end with a discussion of whether politics and policy are "broken" as some commentators have suggested and ask if this can be extended to the usual economic heuristics or rules of thumb.

Stephen explains why he is optimistic about the US economy for the second half of the year, the likely compounding effect of the "wealth effect", as well as the removal of tariff uncertainty and a likely tail wind of lower rates. We ask about some of the counter-indicators, such as rising budget deficit, a weaker dollar and the advance of AI, but none of these seems meaningful enough to derail the momentum of economic growth.

The Markets Happy Hour Podcast is a weekly check-in on market conditions and what it means for investment portfolios. Aoifinn Devitt is an advisor to family offices and institutions around investing for a richer future. She believes that understanding the market context in which we operate is a key part of navigating that future with confidence and agency.