Let us stop for a moment to consider all that is happening with the new administration’s new economic trade policies at ~100 days.

A new tariff policy is (by design) threatening the pre-existing global trade order. This has led to the early stages of capital flight, as both the dollar and US Treasuries have been sold off. The implications of this are significant. That is before we get to other issues with economic long-term ramifications.1

I have no idea how these policies will play out. My current (wishful) thinking is that this will not be worse than COVID-19 or the Great Financial Crisis (GFC), but less fun than 2023 and 2024 SPX gains of 25%. Maybe that idea will be proven wrong.

Let’s get more granular:

Most of the time, we have a fairly good understanding of the basic building blocks of our world. We all have a routine we

Keep reading this article on Barry Ritholtz - The Big Picture.

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