US equities opened a little higher, built moderate gains, and then saw micro choppy weakness into the mid afternoon. Late afternoon saw another swing upward, as Trump formally announced the Steel/Alu' tariffs.
As the capital markets continued to subtly increase in confidence, the VIX melted lower for a fifth consecutive day. It should be clear, with another set of jobs/earnings data due from the BLS, there is little concern about a repeat of the Feb'3rd equity down wave.
|Trump with the Steel/Alu' workers|
Who could argue against fairness, right? I will add, if inflation does significantly pick up across this year, I imagine many will (at least partly) attribute such higher prices to today's announcement. Those who know their history, should be well aware of where this is likely headed.
Goodnight from London
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