SOVEREIGN VIBE
Navigating Global Markets in a Fragmented World
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Trump's levies could send U.S. inflation 1.4 percentage points higher.
U.S. Treasuries lose their safe haven status amid a secular rotation away from U.S. assets
The U.S. tariff bazooka rips through global markets as investors flock to havens
DXY and SPX are both down again but don't tend to stay down together for long.
Allocators eye tariff spat hedges but spare U.S. and Canadian government bonds.
EM sovereign debt will no longer be the exclusive focus of this newsletter.
Blundering policy volatility has receded in many EMs but increased in the G7.
The Ukrainian president will sign a minerals agreement with Donald Trump on Friday.
Opportunities still to be found despite heightened risks to FMs and local currency.
The Central Asian republic is aiming to place a $1.7bn debut hard currency bond as sanctions-busting accusations mount.
Global trade imbalances are out of control and need to be reined in.
The incoming U.S. President has set a 5% of GDP defense expenditure threshold.
