It is time again for “the Greatest Chart Ever”.* And to extend the expression, often “the greatest” takes a while to develop.
The current situation that may take a while is tariff policy by the US with respect to trading partners. Tariffs are in effect for barely one week. Markets in short order have punished stock prices and caused heavy volatility in US Treasuries. Most of the volatility is due to uncertainty on a large scale about how and how much tariffs will affect availability, demand and end prices for consumer and industrial goods globally. That is a massive amount of goods and only time will tell. Stock markets do not like uncertainty – even if the eventual goal is to make a positive difference.
