Macro Insights Weekly - Impact of Trump's first week in office

US President Trump unleashed a flurry of executive orders in his first week back in office. We worry that the markets' complacency about the macro impact will prove to be wrong.
Rallies in stocks and bonds point to receding fear of inflation or fiscal slippage.
USD selloff suggests tariffs will prove to benign.
But America First policy could meet with global retaliation.
US macro cycle is not a conducive for a bout of policy fog and possible overheating.
We will watch for last week's complacency to be reversed shortly.