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10 Feb 2025

10 Feb 2025

Signal versus noise

• Holding on. Yesterdays tariff headlines didn’t trigger a lasting market impact. Equities pushed higher, bond yields consolidated, & AUD rebounded.• Macro impulses. In addition to tariff news markets will be focused on Fed Chair Powell’s testimony tonight. US Fed looks to be in no rush to cut again.• Tariff news. AUD outperformed overnight. There are indirect headwinds but AU’s export basket looks rather tariff-insulated. US runs a trade surplus with AU. Global Trends Markets look to have taken the latest US trade tariff news in their stride. As outlined yesterday, the US is reportedly set to impose 25% tariffs...

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10 Feb 2025

Markets Look Through Renewed Tariff Threats

The dollar is up modestly against its major rivals after Donald Trump verbally threatened to increase tariffs for the third weekend in a row. In a press briefing conducted on Air Force One ahead of yesterday’s Super Bowl, the president told reporters that he would unveil new reciprocal tariffs—levies designed to match foreign protectionist measures—in the coming days, and will impose 25 percent tariffs on steel and aluminum products from all US trading partners today. Reciprocal tariffs—which are designed to match protectionist measures in other countries—are generally well supported on both sides of the aisle, and are not terribly impactful...

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