Today's slide deck: https://bit.ly/40SLUGi

Today we look at the tepid market reaction to Trump's threat of imminent tariffs on Canada and Mexico as we wonder whether the market refuses to react until the tariffs are actually in force, thinking some last minute deal will avoid them.

Also, lots to sift through in the blitz of earnings announcements incoming this week and next, as well as some thoughts on the ECB, EURUSD and macro data in store for us in the coming week. On today's pod were Global Head of Investment Strategy Jacob Falkencrone, with Head of Macro Strategy John J. Hardy hosting.

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