In this July 7 episode of The Daily Macro, we unpack a high-stakes weekend of economic signals and policy maneuvers. U.S. equities soared to new record highs on the back of a blockbuster jobs report—yet a storm brews beneath the surface. We explore why Moody’s downgraded U.S. sovereign debt, how Trump’s sweeping tax-and-spending package could add $3.3T to the deficit, and what the dollar’s historic 10% H1 drop means for investors. Meanwhile, OPEC+ accelerates oil output, Vietnam faces new U.S. tariffs, and Powell stresses Fed independence under political pressure. With markets torn between a soft landing and structural instability, we break down the implications for yields, commodities, currencies, and global positioning. Tune in for sharp, actionable insight on the macro crosswinds shaping the week ahead.