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- Full replay of 11 Apr webinar
- It’s not just that tariffs are still not priced
- The increasingly alarming price action in Treasuries and the $ threatens to take down other markets
- Open to clients with Group Webinar or One-on-One subscriptions; Read-only clients have access to first section only
- Free excerpt from 11 Apr webinar
- It’s not just that tariffs are still not priced
- The increasingly alarming price action in Treasuries and the $ threatens to take down other markets
- Clients with One-on-One or Group Webinar subscriptions should log in to see the full replay
- The tariff-man cometh
- Of net balances and gross misunderstandings
- Assessing the damage
- The announced headline tariff rates are all over the place
- But tariffs in general are more punitive than consensus expected, even after the inclusion of VAT
- The immediate market response is being clouded by liquidity factors
- Despite all the attention to tariffs, short-term market moves remain surprisingly well correlated with CB liquidity
- Liquidity dynamics have the potential to amplify any T-Day relief rally
- But we would still fade any such move thereafter
