Trump’s renewed tirades against the Federal Reserve, including the most explicit threats yet to fire Chair Jerome Powell, only amplified the shockwaves from his declaration of trade war on pretty much everyone.
It’s forcing a reappraisal of the assets fundamental to US economic dominance. The dollar and Treasury bonds, traditional havens at times of stress, suddenly look much less appealing.
It’s not long since investors were anticipating a so-called Trump trade, essentially turbocharging US exceptionalism, but now it looks more like a sell-America trade.
I saw that on Bloomberg last night. I thought that paragraph summed things up well. Equity markets were lower today, bond yields rose gold jumped $100 per ounce on yet another weak day. Markers are quiet tonight but slightly higher.
Apr 22, 2025 13:02
