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.”

Paul Krugman: “What the hell was the Treasury secretary doing giving a closed-door briefing on a significant policy change that hadn’t yet been officially announced? Isn’t that a setup for large-scale insider trading? Indeed, attendees at that conference surely made market bets before Bessent’s remarks became public.”

“And since when are major policy announcements by government officials made off the record to closed private-sector meetings? One even wonders whether Bessent was announcing policy or making it: Did Trump back him up only after the fact?”

“The content of his remarks aside, what was Bessent even doing at this event? Senior government officials aren’t supposed to be helping investment banks entertain their clients.”

Playbook: “Treasury Secretary Scott Bessent will seek to reassure global markets this morning as the White House shifts to full-on defense-mode on the economy. Bessent — basking in his role as the Trump administration’s reassurer-in-chief — will discuss ‘the state of the global financial system’ in a keynote speech at 10 a.m., part of the weeklong IMF and World Bank spring meetings.”

“Given the economic backpedalling we’ve seen from President Donald Trump and co. these past 24 hours, you can guess what type of message he’ll be looking to send.”

“Stock futures climbed on Wednesday morning after President Donald Trump said he doesn’t plan to remove Federal Reserve Chairman Jerome Powell from his post as central bank leader,” CNBC reports.