Miner Company
May 2026 Trading Outlook: Fiscal Flows, Oil, Bank Credit, And Fed Interest Rates
Fiscal and credit impulses are drying up, signaling a hard landing and severe liquidity drought for risk assets in 2026-2027. April's private sector deficit of -$111B and record federal outlays set up a near-term equity pullback, with tax refunds and Treasury payments offering temporary support.
Fiscal and credit impulses are drying up, signaling a hard landing and severe liquidity drought for risk assets in 2026-2027. April's private sector deficit of -$111B and record federal outlays set up a near-term equity pullback, with tax refunds and Treasury payments offering temporary support.