The Week Starts off with More War Being Waged on Global Trade and on Jay Powell

A war on two fronts is stirring volatility in markets

Highlights

• A war on two fronts is stirring volatility in markets

• Valuations are pointing to a historic price bubble

• Corporate spreads remain tight despite falling credit quality

• Recession odds fall as complacency seeps into forecasts

Key Takeaways

• Tariffs and Fed Turmoil: We were hit with two pieces of unsettling news over the weekend. First, the latest volley of tariff actions out of the White House. Second, the pressure is coming from various areas of the administration for Fed Chairman Powell to step down.