Macro Voices MacroVoices #481 Jim Bianco: This is The End of The Beginning
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May 22, 2025 
Jim Bianco, founder of Bianco Research, shares his insights on the shifting landscape of Trump-era economic policies, which he describes as the “end of the beginning.” He explores the future implications of tariff strategies and their effects on inflation and consumer prices. Bianco highlights the rising power of retail investors in reshaping market dynamics and discusses the repercussions of the recent U.S. credit rating downgrade. With keen investment insights, he analyzes current market conditions and trends in key financial assets.
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End of Beginning in Trump Policies
- The tariff phase of Trump-era policies may be ending, but it's only the beginning of broader systemic changes.
- Trump aims to reorder the global financial system with radical policies, not just minor adjustments.
Tariffs: Leverage or Revenue?
- Tariffs can act as leverage or a revenue source, but can't be both simultaneously.
- Tariffs are likely to increase prices, causing inflation and complicating the idea of tariffs as revenue without consumer impact.
Tariffs Embed Inflation Risks
- Tariffs embed taxes into prices, causing inflation to rise directly.
- Higher inflation from tariffs will likely prevent the Fed from cutting interest rates soon.