Vibes.
Over the weekend we learned of Trump’s proposed 30% tariff on imports from Mexico (non-USMCA) and the European Union, supposedly to take effect on August 1st, with not-so-veiled threats of a rate increase in the case of any retaliation.
Wall Street traders’ strong confidence in the TACO narrative that I talked about in last week’s report wavered somewhat on Monday morning after the weekend’s decrees and stocks sank at the open, following down-sessions in Asia and Europe. The stock indexes recovered but rather listlessly on low trading volume as the session wore on when Trump quickly dialed…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.