Six Months In, Most Trump Trades Are Finally Paying Off
Stocks and Bitcoin are at records, and most bond yields are lower
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Most US assets ended the first six months of the second Trump presidency heading in more or less the direction he and Bessent would likely have wanted when entering office.
Oil is cheaper, most bond yields are — perhaps surprisingly — lower, and stocks and Bitcoin are either at, or pretty close to, record highs.
One exception to what markets were anticipating when Trump won last November’s election is the dollar. But while the administration says it favors a strong dollar, if the end goal is to strengthen US manufacturing and close the trade deficit, then a weaker greenback is a natural corollary. A lower currency boosts exports and makes imports more expensive.