Political and economic uncertainty reigns supreme. Markets grapple with critical questions: Will Washington seal major trade deals? Are America and Europe headed for recession? Will Congress slash taxes? Can central banks counter faltering growth? Our expectations challenge the market’s view on many of these issues.
 

Short-term relief may ease the US dollar's selling pressure, but don't be fooled. With global confidence in its status as a safe, stable reserve currency crumbling, the dollar's long-term trajectory points firmly downward...

We believe Trump’s import tariffs will become more permanent and worry about a significant time lag between these tariffs and lower taxes. Combined with lingering uncertainty, this creates an extremely vulnerable situation for the economy and stock markets.