Markets Face Another Week Of Extreme Policy Uncertainty

2025-04-21 11:02:00 ET

Summary

• Second-order effects from the sharp change in US trade policy is another front that will influence markets.
• The benchmark US 10-year Treasury yield is probably the crucial market indicator to watch in the days ahead.
• Adding another dimension of risk to an already high-risk environment: President Trump’s comments last week that suggest he may try to fire Federal Reserve Chairman Powell.

Financial markets are always pricing in uncertainty and risk, but the task has become dramatically more challenging in recent weeks after the US upended its longstanding trade policy. A repeat performance sentiment-roiling activity appears in store for the days ahead as investors wrestle with a series of high-stake unknowns....

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