Trump’s Second Try

This month’s Global Macro Council focused on Trump’s second term.

The tenor of that term is becoming clearer with the nomination of new cabinet members.

Two major risks are emerging.

Firstly, the response to tariffs imposed by the Trump administration could lead to supply chain disruptions and strained relations between the US, China, and Europe. Secondly, the Trump cabinet’s policies might lead to higher inflation and rising bond yields, potentially causing a downturn in asset prices.

The policies of the Trump cabinet are expected to have varying impacts on different sectors. Increased energy production may help control inflation but could harm energy stocks. The financial sector could benefit from deregulation, while the approach to large technology firms remains uncertain.

Read more in the November Global Macro Council Outlook

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