Fifty Days of Grey: Well, That Was Fast
Eye on the Market
March 12, 2025
While market consensus assumed the new administration would carefully balance its inflationary, anti-growth policies with pro-growth policies, it has come storming out of the gate with more of the former than the latter. The only surprise is that it's happening before 50 days has passed since the inauguration.? A review of tariffs, market reactions, manifest destiny, the reconciliation bill, a swan song for NATO and economic gibberish.
Michael Cembalest, JP Morgan Asset Management
CEO
11 小时前Excellent insights as always Michael. Thanks for your consistently insightful research—helps navigate these “interesting” markets.
Municipal Finance, Portfolio Management & Advisory
15 小时前Mike - I always enjoy your insights! Reminds me of working on the Muni EFN model years ago! Best, Kit
Senior Managing Director at Bridge Investment Group / Tax-Alpha Strategies
18 小时前Thanks for this. Thoughtful and well-written as always.
BSc Economics at IE University | Owner of Godgrails | Passionate about Finance, Strategy & Investment
1 天前Great insights, Mr. Cembalest. The comparison of AI-driven market rallies to past tech cycles is particularly interesting given historical parallels and recent volatility swings. The discussion on whether current valuations, especially for AI leaders, are justified raises important questions for long-term investors, including myself. Rising debt levels and fiscal sustainability add another layer of complexity to market dynamics. It will be interesting to see how these factors shape long-term economic growth and investment opportunities.