Back Sliding on Tariffs – Temporary Relief or Long-Term Uncertainty?

Apr 15, 2025

9:07 am

Due to the breadth of issues in the markets at present we are sending out two weeklies this week, the first on the immediate challenges and the second on the potential silver lining for the markets. The past week has seen President Trump’s tariff regime undergo significant shifts, leaving the markets to digest the implications…

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Was This Really Necessary?

Apr 7, 2025

11:38 am

• There was no discernible crisis so why the emergency tariffs? • A recession and a spike in US inflation to 5% appear quite possible • The Fed may cut rates, but it might be reluctant at this stage • The end of US exceptionalism risks further relative underperformance of US equities • Central bankers…

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Q1 2025 Macro and Markets Quarterly Review

Apr 3, 2025

1:34 pm

As President Trump began issuing a wave of executive orders, the global economic outlook quickly became more complex. Governments around the world were compelled to respond to a series of challenges sparked by what is shaping up to be a transformational set of policies—policies that may well herald a new world order. To be fair,…

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Are You Ready for Liberation?

Apr 1, 2025

12:32 pm

This week, I was reminded by my former JPMorgan colleague, Tim Harris, that it’s now the 25th anniversary of the tech wreck of 2000. That anniversary stirred memories of a pivotal moment in my career—just over 25 years ago, in February 2000, I stood on Wall Street addressing the International Advisory Board of JPMorgan. In…

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