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Julian Brigden Co-Founder of MI2 Partners joins Monetary Matters to discuss why the dramatic shift in US trade policy is making non-US investors dump US assets and bring home the profits from a historic bull run in US assets. He also explains why this repatriation of profits coupled with an eventual slowdown in the flow of dollars driven by tariff policy itself spells a weaker dollar and trouble for US financial markets, even if it does result in American reindustrialization. Recorded April 15, 2025.
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Timestamps:
00:00 Intro
01:53 The Whole World is Overweight the US
09:55 Tariffs Slow the Dollar Flow
17:54 Selling US Assets is Prudent for Foreign Investors
26:42 Who Wins in the US Domestic Economy?
29:56 MacroCapture
34:58 Tariffs Have Been a Carpet-bomb Approach
44:06 Tariffs = Stagflation
49:43 Tariff Effects on China and Europe
54:04 Are Risks Greater in the US?
01:00:13 Will Foreign Markets Outperform on US Weakness or Their Strength?
01:04:32 Bond Market Outlook
01:10:24 Gold Outlook
01:12:50 Reading the Tape to Detect Market Participants
01:18:16 Where is the Trump Put?
01:22:21 America’s Liz Truss Moment
01:25:59 Credit Trades and HYG
