Well, it’s time to revisit the thesis from 60,000 feet up in the air and make a rather substantial change in my overall market view. In fact, what is most important is less my personal opinion of the backdrop but rather anticipating how investors, broadly speaking, will be assessing the financial market landscape, and what will ultimately cause perceptions to shift. Until they do, I personally advocate a broad move into cash, because garnering a safe 4.5% yield is likely going to be a home run as the initial phase of the second Trump era causes bond investors to continue to shun duration exposure, and ever-rising risks and uncertainties undercut a U.S. stock market trading in the most expensive 5% tranche in recorded history.
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