Where to begin? Tariffs – they were coming, they were worse than expected - and they hurt. Everything was down: Sweden dropped -4%, The Stoxx 600 fell -2% and the FTSE 100, a relative outperformer, ended down just the -1.5%. The U.S fared worse, and with the recession/stagflation fears that Tariffs bring, it is clear that the U.S equity market does not like tariffs…and Trump doesn’t really mind. The macro picture deteriorated quite quickly; with U.S. 10yr yields approaching 4%, Atlanta GDP now…
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