Wall Street's Uneasy Calm
Source: Yahoo Finance
Yet all across Wall Street, from bond-trading desks and corporate C-suites, to hedge funds and independent research firms, there’s a deep-seated sense of foreboding that it can’t possibly last — and that with a single social-media post by the US president it could all rapidly go awry.
Read more: https://finance.yahoo.com/news/beneath-market-uneasy-calm-dread-193813251.html
Wall Street knows a storm is coming. Forget the recession, a full blown autocracy has not been priced into the market.
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They are all proceeding as if this is a normal situation, as if normal indicators can be relied on, as if historical parallels exist.
This is not normal. It is far from normal.
Further, there are no signs that the prime cause, the orange self-styled genius, is going to reverse and undo the disastrous edicts he has issued.
There is one historical parallel. Hoover signed the Smoot-Hawley tariffs in July 1930. The economic contraction was well under way by that point. Hoover, Smoot, and Hawley said it was just the medicine needed. It deepened the Depression dramatically and it would be 9 years before the US came out of it.
