All right, friends, well, today, as I said, we are hopefully wrapping up or at least putting a big momentary pause on the macro story that has dominated markets for the past few months. Yes, a deal has been reached in the debt ceiling standoff with both President Joe Biden and Republican House Speaker Kevin McCarthy making major concessions in order to move the matter forward. The deal on the table would suspend the debt ceiling entirely until the 1st of January 2025. Presumably this puts off the next dispute over federal borrowing until the middle of that year and uncapping the debt limit in the interim. The core of the argument is a two -year cap on federal spending, although each side is presenting the story slightly differently. The White House claims the spending cap would reduce spending by around $1 trillion over while the GOP argue that spending cuts are twice that level. New York Times analysis puts the spending reduction at around $55 billion next year and another $81 billion the following year. So let's talk about what's actually in the deal. The set of tradeoffs in the deal have caused outrage among numerous groups of ideologically aligned lawmakers and special interest groups on both sides of the aisle to the point where there are few truly happy with the compromise. Now that of course might mean in America's polarized politics that it's actually a good compromise deal. IRS funding has been cut, with $20 billion of the $80 billion in additional funding to bolster the tax department now being repurposed to fund discretionary government programs. And what's worth noting here is that early in the negotiations, this IRS funding was a red line for the president. You will no doubt remember when he said that he would not accept any deal that benefited quote wealthy tax cheats and crypto traders. Another aspect of the deal was that work requirements for food stamps recipients will be expanded. However, the cohort of people this will affect appears to be small. Only impacting recipients aged 50 to 54 while exempting veterans, the homeless and people who grew up in foster care. However, negligible the effect on the budget, the expansion of work requirements within the benefits program was an important symbolic policy for hardline conservatives. And small as the concession might seem, there are still many on the left who are very, very against