45 years of de facto Fed independence appears increasingly at risk. President Trump has already installed one Fed Governor, is attempting (possibly illegally) to dismiss another, and has triggered market speculation about his ability or willingness to even dismiss the Chairman. What does this mean for markets?
For the past 15 years, global investors’ default positioning was to hold U.S. Dollars as the most obvious choice of non-domestic currencies (and maybe most obvious overall choice) and when investing outside their own equity markets, to look first to the U.S.
America – or at least the Trump Administration – and Europe are clearly seeing the world differently these days.
This piece is the third in a three-part series on the issues that led to 2024’s anti-incumbent party backlash. Here, we evaluate the trade and other fiscal proposals put forward by the incoming Trump administration, as well as their investment implications.
As risk-on traders take a victory lap amid surging equity markets and now renewed monetary policy accommodation, the expectations for a soft landing in the U.S. economy now form the base case scenario for a preponderance of U.S. investors.
