In the Trump 2.0 era in financial markets, the dollar is taking the strain.
Other bits of markets are performing surprisingly well, in the circumstances, much to many investors’ (and my) surprise. It’s incredible how far a president can chip away at institutional credibility and the invisible hand of capitalism without troubling ordinary Americans’ pension pots.
Stocks, in particular, have shaken off the shock they received in early April with the release of the president’s global trade tariffs to reprise all-time highs, and it takes a special sort of nerd, one who cares about the different yields available on bonds with different maturities, to see the angst in supposedly disciplining debt markets.
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