Trump’s cold attacks were given to Wall Street

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Distinguished cold is spread in the markets, with a group of investors and analysts who want to talk about the destructive risks included in the economic policy platform in Donald Trump.

This transformation is hidden, but economists and participants in the market are often agreed that they have discovered signs of self -censorship, as language analysts in public statements may go towards a neutral.

The commercial tariffs criticized by “aggressive” at the beginning of this year were simply “large”. American financial and economic policy is now lacking “prediction”, not “credibility”. Sharp criticism of the “reckless” efforts to dismiss senior officials from the central bank in the country that has been resolved to a nice discussion of the procedures now.

But the biggest change is what is not worth, at least in public places. Some of the most vital market participants say they received a shoulder click of the presidents and asked to calm the criticism of the strange management, or saw a written, chewed analysis and bombs before seeing the daylight. Everyone says that the driver here is a fear of revenge on the president.

“I have never seen anything like him,” said one of the experienced fund manager, who I will not call here for clear reasons. “What happens is that you do not get a research that says the truth.”

Analysts in banks and investment companies always take an accurate way between giving customers an uniform vision of economic policy, which they want to do, choose political aspects, which they want to avoid. But this goes beyond the usual expressions, and it has intensified since the summer, when Trump called on Goldman Sachs to shoot the chief economist, who formulated a flat note on the commercial tariffs that drew his anger.

David Solomon, CEO of the bank, “must come out and get a new economic expert, or, perhaps, he must focus only to be DJ, and does not cost himself the trouble of managing a major financial institution,” he is, he is, he is, he is to publish – A reference to Suleiman’s famous hobby on steel wheels. (I will leave appreciation From his skills for colleagues.)

No one has yet been shot. But the message to analysts in rank and files throughout Wall Street was clear: adhere to the most tone that you can describe to describe what almost every manager knows as a horrific assault on the institutional foundations of the most important economy in the world and its market.

Individually, these analysts are often outperformed by Trump’s financial lieutenant (with Treasury Secretary Scott Pisent, a rare exception), companies threats, threats to the independence of the Federal Reserve, undermining the Labor Statistics Office, and the Buspievity Commercial Policy – all of this. In public places, it is neutral. “We all saw what happened to Coldman,” said one of the investors. “No one wants to be after that.”

Some extremist values ​​emerge here, especially from those who have a kind of situation that means that they can talk about their opinion, Incurred Ray Dalio’s Bridgewater’s Ray Dalio and Jpmorgan Jimmy Damon. She was the former Federal Reserve Chairman Janet Yellen Frank and frank In defense of the independence of the federal reserve. On a wider scale, though, bankers and investors, especially those in the United States, are much more guarded.

Let’s be positive: Maybe this is a good thing. After all, the shares will stand well, better than the fine in reality, indicating that this shift in the political system in the United States is simply a less conservative than the governor expected by the liberals, at least in the short term.

However, the clear similarities with this position are not soaked. Once again in the eurozone debt crisis, the Italian authorities accused Fitch Ratings and S&P executives with Market manipulation To reduce government debt in the country. At that time, investors did not judge that this was a sign that a nation takes the debt sustainability seriously.

Likewise, when the authoritarian president in Türkiye warned in 2019 that investors pushed “ExorbitantFor betting against Lira, it has not decreased well. The authorities also sparked terror among investors when they investigated Jpmorgan because of their recommendation in a memorandum of customers to get rid of the currency.

Fortunately, professional investors are generally able to think for themselves. Those who were in the long -term money game should be able to rely on invaders, gestures, long -term relationships with analysts to assess warts and everyone for the policy industry environment.

Some analysts and money managers are real believers in the scope of American stocks to maintain sailing higher. pandemicIt can withstand a small political drama here and there and a little elevator to import costs.

But anyone who earns his livelihood from the internal works of capitalism knows very well that over time, interference in monetary policy and corporate life, and the deterioration of official economic data, is bad for any investor. For this reason, most of them depend on the United States, with its long history of institutional flexibility and firm faith in complete capitalism, primarily. The feeling of danger in the financial circles about expressing the loud defense of these beautiful qualities is one of the many signs that the stock market does not matter, all of which are not fine.

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