America First Is Sinking Stocks and Currencies Everywhere Else

Whether you ascribe it to concerns about inflation, or the threat of Donald Trump’s tariffs and tax-cut plans — it all amounts to the same thing: pressure on almost every market outside the US. Investors are saying that Trump’s policies will be inflationary and may cause the Fed to err on the side of caution with further interest rate cuts. It’s striking that the market is close to 50/50 on a December rate cut now and only looking for two reductions through June, against almost four seen at the