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Steve Englander, Head of G10 FX and North America Macro Strategy, Standard Chartered
Apr 23, 2025
Steven Englander, Global Head of G10 FX Research at Standard Chartered Bank, dives into the swirling currents of the financial markets. He examines how recent U.S. tariffs have reshaped investor sentiment and economic forecasts. The conversation navigates the complex balance of payments and the factors pushing the dollar lower, including rising pessimism about the U.S. economy. Steven also discusses challenges in the bond market and the dollar's evolving role as a safe haven amidst geopolitical pressures. Tune in for valuable insights into these pressing economic themes!
52:26
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Quick takeaways
- The imposition of extensive and disorganized tariffs by the U.S. has fundamentally altered investor confidence in the U.S. economic outlook.
- The complexity of balancing trade deficits with capital inflows and low interest rates adds significant uncertainty to U.S. asset stability.
Deep dives
Impact of Tariffs on Market Sentiment
The discussion highlights the evolving sentiment in financial markets due to substantial tariff impositions by the U.S. These tariffs have been more extensive and disorganized than anticipated, leading to a significant reassessment of the U.S. economic outlook among investors. Initially, the market had positioned itself for a strong U.S. economy under the Trump administration, with expectations of growth driven by planned tariffs and tax cuts. However, the chaotic implementation of these tariffs has caused investors to lose confidence in the stability of U.S. economic policy and its ability to deliver expected growth.
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