Various policies from President Trump are creating economic shocks. “If you were to design something that is really quite negative for the economy, this is it.”
This is the first payrolls report that fully reflects Trump’s second term, but because it landed before most of the administration’s firings, March unemployment data will look “a lot uglier.”
Final orders for the U.S. high-grade bonds represented about 4.4 times the $26 billion in notes actually for sale, while the average ratio for 2025 thus far is closer to 3 times.
The trade wars that are gearing up could have a global impact on credit markets. Some European businesses have been accelerating borrowing plans to get ahead of potential measures.
“There are going to be tariffs on Tuesday on Mexico and Canada. Exactly what they are, we’re going to leave that for the president and his team to negotiate.”
“This is the kind of thing that if you do see it sustained at higher levels—and definitely if it keeps increasing—that’s the kind of worrying inflation for the Fed.”
