Robert Armstrong, writing with clarity in the FT about Trumponomics: The tariff crisis is not existential

The picture is simple: the Trump administration’s economic policymaking has been unpredictable and incompetent at a moment where high deficits and lingering inflation worries mean there is no room for amateurism. Yields are likely to remain volatile. Global investors are responding to this fact by demanding higher yields for owning Treasuries. The sell-off of Treasuries has pulled the dollar down. All of this has been amplified by the reversal of highly leveraged hedge fund trades that are no longer tenable in a high volatility environment.

This feels momentous, because the reliability of the dollar and Treasuries are the foundation of just about every global market. If things don’t get better soon, who knows what might happen.