Policy Clarity and Market Resilience

President Trump’s “one big, beautiful bill” was signed into law on July 4th, beating expectations and easing a major source of market uncertainty. Among its provisions, the bill extends and makes permanent the individual tax cuts from the 2017 Tax Cuts and Jobs Act—avoiding what would have been a $400 billion tax hike if they had expired. While not a new economic boost, this move removes a potential headwind. Additional provisions like eliminating taxes on tips and overtime could support lower-income households, though their broader economic impact remains to be seen. Attention now shifts to trade policy. A soft deadline of July 9th looms for U.S. trade negotiations. Without agreements by then, paused reciprocal tariffs may return—introducing new risks to consumer prices, corporate earnings, and Federal Reserve policy decisions. Despite these uncertainties, the markets have shown remarkable resilience. The S&P 500 is up roughly 6% year-to-date and has rebounded about 26% from its April lows, marking the strongest rally after a 15% decline since 1950. However, with markets at all-time highs, some volatility would not be surprising. The key takeaway: Stay disciplined. Those who held firm during earlier volatility are now seeing the benefits of long-term focus. If you have questions, contact your financial advisor. Transcription Available Here: https://www.epwealth.com/transcript-t...EP Wealth Advisors, LLC (“EP Wealth”) is a leading independent registered investment adviser (“RIA”) on a mission to provide clients with honest and objective advice through personalized financial planning, customized investment portfolios, and integrated tax and estate planning.Video Transcripts are provided for information purposes only. Accuracy is not guaranteed. The technology used to generate transcripts may result in omissions, misinterpretations, or other errors. EP Wealth Advisors, LLC is not responsible for discrepancies between the transcript and the original video content.Subscribe to our blog & Market Insights for more wealth management tips: https://www.epwealth.com/weekly-marke...https://www.epwealth.com/blog