Note:ThefollowingisaredactedversionoftheoriginalreportpublishedJune12,2025[28pgs].ISSUE140June12,20254:00PMEDTUISSTFHIISSCTAILMWEODRIFRFIEERS:ENT?USfiscalconcernshavesurgedonthebackoftheTrumpAdministration’s“OneBigBeautifulBillAct”,whichhashelpedfuelasharpriseinlong-datedbondyields.Butsuchconcernsarenothingnew,soisthistimereallydifferent?Weaskthreeeconomy-watcherslongconcernedabouttheUSfiscaltrajectory:Bridgewater’sRayDalio,Harvard’sKennethRogoff,andhistorianSirNiallFerguson.Allthreebelievetheansweris“yes”andmaketheircaseforwhytheythinkacrisisliesaheadandwhatitmightlooklike.GS’AlecPhillipsisalsoworriedoverthelongertermbutnotesthattariffrevenuessho...