Group 1 - The report assesses how fiscal and monetary dynamics are influencing risk asset performance, particularly in the context of cooling inflation, rising unemployment, and a potential policy shift by the Federal Reserve [1] - It emphasizes the importance of fiscal flow analysis, functional finance, demographics, and the real estate cycle in trading real estate, equity, and bond markets [1] - The analysis framework includes key economic indicators represented as a percentage of GDP: Federal spending (G), Non-Federal Spending (P), Net Exports (X), and Credit (C) [1] Group 2 - The report suggests that an increase in the federal deficit leads to a rise in private surplus, which in turn positively impacts risk asset markets [1]