I agree with this thesis but not your comment inflation will fall. Look at bond yields, they are behaving ok. There is a risk of a bear steepener which i have expressed before. Maybe the market is sniffing out stagflation.
My thesis is Trump's using the shock and awe of his tariffs to ram through congress his legislative agenda (tax cuts and deregulation) without too much opposition while markets are weak. Then he might just keep on the 10% baseline tariff.
HCH Price at posting:
45.5¢ Sentiment: Hold Disclosure: Held
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