POLICY RISKS LOOM BUT CLARITY AHEAD | TVAMP
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Several policy-related risks loom in September and October that may lead to an increase in market
volatility. The debt ceiling needs to be raised (likely by mid-October), the government needs to be
funded to avoid a shutdown by the end of September, and the Democrats are trying to pass two
major spending bills and will need to provide greater clarity on tax increases over the next several
weeks. We believe the greatest risks come from the debt ceiling and taxes, but expect neither to
have much near-term impact on the general trajectory of the bull market.

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