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Market Brief, North America

23 Apr 2025

Relief Washes Over Markets As US Dials Down Rhetoric

The dollar is strengthening, yields are edging lower, and North American equity markets are barrelling toward a second day of gains after the Trump administration appeared to soften its stance on several policy fronts. Risk sentiment improved early in yesterday’s session on signs that the administration intends to retreat from its maximalist positions on China. In a closed-door meeting with investors, Treasury Secretary Scott Bessent reportedly said “No one thinks the current status quo is sustainable at 145 and 125 percent” tariffs, “So, I would posit that over the very near future, there will be a de-escalation. And I think...

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22 Apr 2025

Selling Moderates as Assault on Fed Independence Slows

The greenback is finding its footing once again after selling pressure intensified during yesterday’s session when President Trump doubled down on his attacks against Federal Reserve chair Jerome Powell. In a post on social media that landed after multiple firing threats, Trump demanded that the central bank deliver “pre-emptive” rate cuts, saying inflation is trending “nicely downward” and “There can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW”. Equity futures are setting up for a bounce at the open, yield curves are flattening, and currencies like the euro, pound, yen, and...

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21 Apr 2025

Markets Plunge as Trump Administration Steps Up Threats Against Fed

Financial markets are getting hit again this morning, with US equity indices, Treasuries, and the dollar all tumbling in synchrony as investors assess new threats to the Federal Reserve’s independence against an increasingly-forbidding growth backdrop in the world’s largest economy. The greenback dropped more than 1 percent on a trade-weighted basis in overnight markets after the Trump administration stepped up its attacks on Jerome Powell, threatening to demolish the Fed’s hard-won independence from political pressure. In a series of posts on his Truth Social platform last week, Trump argued that interest rates should be cut, saying “Powell’s termination cannot come...

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14 Apr 2025

Tariff Confusion Leaves Markets Rudderless

Financial markets are staging a modest relief rally after the Trump administration seemed to quietly grant a partial tariff carveout to smartphones and consumer electronics – helping ease fears of a sharp rise in US consumer prices. North American equity futures are setting up for an advance at the open, Treasury yields are incrementally lower, and the dollar is cruising toward a fifth day of losses. Some of Asia’s biggest export categories will be excluded from the government’s new tariff regime, according to a notice posted late Friday night by US Customs and Border Protection, suggesting that the administration is...

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11 Apr 2025

Extreme Turbulence Grips Global Markets

Measures of financial stress are easing this morning after an absolutely wild night in global markets. The dollar is consolidating its losses after enduring something resembling a “flash crash” as Asian markets opened yesterday evening, the S&P 500 is recovering from a circa-3-percent move, and ten-year Treasury yields are stabilising near 4.8 percent after rising by the most in a week since the late eighties. The trade war between the United States and China is still escalating. On Wednesday, President Trump said he was imposing a 125-percent tariff on imports from China, and the White House yesterday clarified that this...

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