Pretiorates’ Thoughts 78 – The markets still have their finger on the trigger

Letter was published on April 24, 2025
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At first glance, the situation appears to have calmed down. But appearances can be deceiving. The political and financial landscape has shifted noticeably in recent weeks. The US dollar is weakening significantly, which is making imported goods more expensive even without punitive tariffs. And the former rock in the storm – the US Treasury market – has been shaken considerably. The last safe haven is losing its appeal...