Wall Street Journal: “The stock-market meltdown that accompanied President Trump’s intensifying trade war in recent weeks was unsettling enough. The fall in the dollar and rise in bond yields that went with it have been truly ominous. So ominous, it might be why Trump changed course, at least temporarily, by pausing some of his tariffs Wednesday.”
“Normally when investors are this scared they seek safety, and nothing is safer than the dollar and Treasury debt.”
“But despite mounting fear of recession, the usual flight to safety hasn’t materialized. That is for several reasons, some relatively superficial, such as inflation risks, and one more fundamental.”
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