WSJ's Take On the Week What Trump's Tariff Agenda Means for Markets
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Mar 2, 2025 Dive into the surprising drop in 10-year Treasury yields and the complexities of Trump's tariff policies. Explore how upcoming job reports could reflect changes in unemployment rates and the potential market impacts. The discussion also reveals uncertainties surrounding new tariffs on Canada, Mexico, and China, focusing on their effects on consumer prices. Consider the broader economic implications for businesses, agriculture, and technology, as experts assess the long-term effectiveness of tariffs in reshoring jobs and managing inflation.
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Falling Yields Signal Unease
- Falling 10-year treasury yields are surprising given the expectation that Trumponomics would boost stocks and hurt bonds.
- This drop may signal unease about policy changes, including tariffs, and their potential impact on inflation.
Jobs Report: An Asymmetrical Risk
- The upcoming jobs report will be the first true test of the Trump economy's performance.
- A negative surprise in the jobs number would likely spook markets more than a positive surprise would boost them.
Tariff Uncertainty Fuels Consumer Concerns
- Tariffs increase consumer concern over rising prices.
- Markets are uncertain about whether tariffs are a negotiating tactic or a genuine policy.