It seemed like Trump wanted a trade war with everyone, then only with China, and in the end with no-one at all. Basically we are where we were at the beginning of April. All the macro strategists and traders look foolish again as they are living in a past that does not exist anymore - but cannot bring themselves to accept. And the sell off then rally has proven this once more.
TIME TO SHORT AGAIN?
While the politics and markets seems to ebb and flow, more fundamental changes that I expected are coming through
May 13, 2025
∙ Paid