Global Daily: 45 minutes

Markets thought they have seen this before. Big trade policy headlines, strong initial reactions, and then a slow fade into uncertainty. Earlier this winter, we had some sharp market moves as investors tried to price in every bit of tariff news. However, US policymakers are flooding the zone with so much information that there is no longer a consensus on what has or hasn't been priced in. This makes it difficult to trade on yet another tariff threat. Whether that’s a deliberate strategy or not, markets are disoriented and, in the absence of clarity on the scope and timeline of these tariffs, they simply go about their business as usual. Let’s ignore it until it gets too big to ignore...