Why can we worsen for our shares

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This is one of the numerous attention to the continuation of the road in the US stock markets, the US government bonds are not really slow. This is not a good sign.

Treasures are usually Yindir for shares’ Yang. When the shares get a hit, the bonds are usually jumped as investors flock to safer shores. After all, they are known as “risky”. This is a mechanism that helps with only rare exceptions in a very diversified portfolio for decades.

This month’s rapid exchange market is shaking, the balance of balance does not work fully. US shares are reduced to 5 percent this month and only half of March. We have decreased by 8 percent since the middle of February. At the same time, bond prices are not acutely during this year. Kill the benchmark 10 years of government bonds are about the same level, as in the end of the last month.

This says it is a feeling shock. This is not an economy, but a fool. It makes it difficult to make up. Information about the US economy is woble, but not terrible, of course, it is not ugly as the shaken of markets. US inflation slipped up to 2.8 percent In February, it is a sign that the economy weakens a bit but is not a tank.

But this is not really what is turned off investors. “As we talk, we sell assets in the United States,” Michael Strobaek, the General Investment Officer in the Swiss private bank Lombard Otier, spoke on Friday morning. “We are currently passing through the Pain Valley.” This is a pretty key in the image. This time he was talking about Strobaek last year “geostrategic“US shares of purchases and retention imperative. This year, in turn, he was still in the exclusive part of America.

This US economy did not change his mind. Instead, in his speech at the Munich Security Conference in February, the US Vice President JD Vice was called “last provocation” to Europe. Then this is the birth of Donald Trump after the days of the Ukrainian President Volodymyr Zelenskyy’s White House. Then it was threatening our tariffs against Mexico and Canada. “It is completely clear that the agenda struck with a sledgehammer,” Strobaek said. Now it’s shares and instead of cash and cash out of cash.

In a moment, a permanent landslide in tariff policy from Trump will damage the true economy. Wealthy Americans are already very exposed to sliding shares, so it will hit it in his pocket. Companies will be withdrawn to the spending if they pulled the wall with a random and painful policy turn. It makes it very difficult for investors to gain exciting, uncertainty, stock managers, earnings with any convictions flying blind.

The mood is scaring. Trevor Greetham, the head of the Russian Royal London Asset management, fled all the ways in 1991 in recent days, and this is the largest in the market in Grimmest in the 50s. During this period, Lehman brothers, the euro crisis and – in 1998, in 1998, in 1998, in 1998, the death of the long-term capital management Hedgehog (or down) is the day (or downward).

Again, Greetham is not a painful economy here. These tariffs, geopolitics, uncertainty damage itself. And “Central Banks do not have for you for it.” In other words, federal reserves, for example, will go to save as in the coviet crisis five years ago.

Investors would be stronger than the fed’s white horse and to make ratios inside the white horse, and the bonds are more powerful than today. Instead, investors expect a higher growth of higher inflation that money policies can be easily fixed.

It does not leave a short-term catalyst to turn around the situation. There is nothing to stop in a real economy that sparks an interference or mass-nourished cuts from an adaptation to the US president for prohibiting an identity transplant. “We are on the territory of knife,” says Greetham says.

Treasury Secretary Scott Bessent rejected the effects of “some variability” in the shares. The message of the White House is short-term pain for long-term earnings. Goldman Sachs and Blackstone have the heavy weights of Wall Street Praised the potential Trump’s favorite tariffs. Whatever I do.

Although he wanted to reduce the Fed to manage, management, discount, investors will be considered an extraordinary intervention against the independence of the Central Bank to worsen the issue.

Everything has the price and the temporary leaps in widespread reductions are equal to the course. In a time, the US shares can be quite cheap for the interior in the bargain hunters. However, a pricing rate is 24 times, compared to 17, is still difficult to argue that we are there. Stock managers are elegant for optimism. Maybe the US Investors will not see the difference in Trump 200 percent of tariffs After all this, in the relevant French champa.

katie.martin@ft.com