Tuesday 22nd April 2025

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The 'sell America' trade continued on Monday, with equities and bond prices both falling. NAB’s Tapas Strickland says it’s uncertainty over the independence of the Fed that is playing on market concerns this time. The US President has made no secret of his desire to replace Jerome Powell as Fed chair, although there’s a question of how far Presidential authority can stretch. This compounds other concerns. For example, how likely are trade agreements? It’s becoming apparent that a deal with Japan hasn’t progressed far, whilst animosity between China and the US ramping up further. Both countries are now threatening their trading partners to pick sides in the trade war. Tapas says we are now starting to see hard data showing us what’s really going on. 

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