Keep pulling the thread on Bloomberg Surveillance.
The US consumer is losing the capacity to absorb additional price shocks as the savings rate is down and real wages are now negative.
The current macroeconomic psychology in the US, which has persisted for over five years, may pivot within the next 3 to 4 months.
Ed Mills of Raymond James predicts that if Democrats win a majority in the House or Senate, federal laws limiting data centers will be a top agenda item.
The MATCH Act, which has already cleared committee, would restrict some semiconductors and semiconductor capital equipment from being exported to China.
The Trump administration's AI policy staff aims to make the "US-based token" the reserve token of the world, similar to the US dollar's status as the reserve currency.
For the past six years, US consumers have absorbed the majority of accumulating inflationary shocks.
The US has a "K-shaped economy" where the top-end consumer could withstand higher interest rates while the bottom-end consumer faces cyclical and potential structural weakness.
The US economy is becoming stronger while economies outside the United States are suffering under the weight of an energy shock, creating a growth divergence.
The US consumer has only a couple more months of savings before they begin to significantly curtail spending.
A transitional moment for the US consumer is expected in Q3 or Q4 as their ability to absorb price increases diminishes.
The US savings rate is currently at a near-record low.
Democrats, including Bernie Sanders and Hakeem Jeffries, are campaigning against data centers, framing them as a cause of high energy costs.