Asks if policy risks should be priced higher given threats to Fed independence and midterm politics.
Dani Burger
Anastasia Amoroso
Markets accustomed to policy noise; Fed independence threats have come and gone; legal process and guardrails provide stability.
Notes gold outperforming S&P for sixth month; asks if signal of fear.
Dani Burger
Anastasia Amoroso
Gold is hedge against geopolitical risks; also supported by shifting monetary policy regime as labor market weakens and inflation moves toward 2% target.
Questions if Trump's various proposals (tariffs, credit card cap, defense dividends) will actually happen or are just talk.
Matt Miller
Anastasia Amoroso
Credit card cap requires Congress, unlikely; tariffs via executive power more plausible; Venezuela heavy crude could lower gasoline prices.