The seismic passage of the “Great Beauty Act” on July 4th represents Trump’s most audacious economic gambit – a $5 trillion fiscal overhaul consolidating tax cuts, defense
surges, welfare dismantling, and debt ceiling expansion into a single legislative missile. Its immediate aftermath reveals dangerous fractures: bond markets cratered (10Y
yields +80bps), Musk declared political war, yet equities soared to record highs. This paradox exposes the Act’s core tension: engineered short-term sugar rush versus
systemic fragility.
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