It’s the bond market that's putting Trump in his place. Normally, when stocks fall, investors flock to U.S. Treasuries. But this week, long-term yields have risen sharply over the first three days. That means Treasuries aren’t being bought — they’re being sold. With America’s massive national debt, higher interest rates make debt servicing more expensive. Sure, they could fire up the printing press, but an abundance of dollars just fuels inflation.
At the same time, the dollar has weakened against the euro, and investors are net sellers of U.S. equities.
Trump doesn’t have good cards to play. He’s had to pull the emergency brake and put the retaliatory tariffs on hold. Officially, the reason given is public “nervousness and unrest” — an absurd excuse. Since when has he ever cared about that?
At the same time, the dollar has weakened against the euro, and investors are net sellers of U.S. equities.
Trump doesn’t have good cards to play. He’s had to pull the emergency brake and put the retaliatory tariffs on hold. Officially, the reason given is public “nervousness and unrest” — an absurd excuse. Since when has he ever cared about that?
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