If the April lows hold, the S&P 500 will clock a 19% peak to trough drop on the tariff news. The drawdown could have been worse—if the bond market had not broken!
President Trump was initially resolute in the face of a declining stock market. Wall Street was desperately, unsuccessfully searching for a “Trump Put”—a save from the decline by the White House. Trump, however, likened the levies to a necessary remedy:
“Sometimes you have to take medicine.”
Treasury Secretary Scott Bessent, meanwhile, must have silenced his phone for a few weeks while his old Wall Street contacts texted and texted (and called) and texted.… Read more
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