Amplifying the Pain

Playbook: “This gruesome FT chart offers a helpful illustration of exactly what’s spooking the White House. Normally, if the U.S. takes a nasty economic hit — such as during Covid-19 or the 2008 financial crash — it’s swiftly counterbalanced by a stronger dollar and cheaper borrowing, easing the pain somewhat.”

“But Trump’s ‘Liberation Day’-induced crash has done the unthinkable — hitting U.S. stocks, bonds and currency all at the same time.”