The Bond Market Will Still Be There In 90 Days

Trump surrendered again on tariffs after the bond market went nuts, which he and his advisers were too stupid to foresee, then he was unable to get House Republicans to agree on a budget deal even after it was brought to the floor for a vote, while claiming victory the whole time

— Ron Filipkowski (@RonFilipkowski) April 10, 2025

So whither Trump’s tariffs now? Is he going to play this game of chicken over and over again? Or is he going to figure out changing the world is a bit more complicated than he thought?

Besides, the consequences are still out there:

Stocks rose after Trump partially pulled back on tariffs, recovering most of the losses his tariff announcement caused, but bonds did not.

US Treasuries calmed after Trump pulled back, but didn't recover recent losses.

The global loss of trust in the US, and the safety of US assets, remains.

And so are the tariffs:

TL;DR: The new U.S. tariff rate against our two largest trading partners is either 10%, 25% or 35%, and so far no one I've reached out to at the White House is able to tell me which.

As well as the gross incompetence of the Administration.

I know this is woke DEI, but could we have a national economic policy that's something other than the minute-by-minute whims of a deranged and malevolent old man?

And we’re only three months in.