Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Macro Strategy
Chief Investment Officer
Summary: President Trump's insatiable appetite for new 'enemies' (China, EU, news media, immigrants) has found a new trade war target – foreign exchange. The upshot will be a weaker dollar and US bond yields heading towards zero.
I have for better or worse been doing this job for 30 years – NEVER EVER have I seen a foreign leader, nor an American President comment on another region's central bank's action until this week:
And as The Daily Shot tweeted this morning: Chart: Currency Wars