The Recent Calm Isn’t Well Supported

The financial markets had concluded that most of the major hurdles have been cleared, a trade deal was imminent and the Fed had wrapped up its easing campaign for 2019 and presumably 2020. However, the newly complacent Fed and relative peacefulness of the financial markets are almost entirely due to the expectation of not only a trade agreement, but also an agreement that clearly favors the United States.

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