Putting the Market Sell-Off into Perspective

Published on April 9, 2025

At the start of last week, the S&P 500 rallied three days in a row, with investors believing that the tariffs announced on Wednesday would be targeted.

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Trade Policy Shifts Put the Fed in a Challenging Position

April 9, 2025
Tariff Turbulence. The President’s long-anticipated tariff announcement on April 2 has come and gone. Our hopes for some clarity, so the uncertainty weighing on confidence and the equity market could subside, were dashed after we heard the breadth and magnitude of the administration’s tariff plan.

Carry Trade Destruction

April 9, 2025
Lost in the focus on the bludgeoning that tariff policy has had on equity markets, is the impact on global currencies. From the end of February through April 3rd, the U.S. Dollar is down 5.1% relative to other developed market currencies (DXY). In addition, we’ve also seen a violent unwinding of the popular currency carry trade.