Markets were up big in President Trump’s first year—but volatility never truly relaxed. In this episode, I break down the hidden story inside volatility spreads and why “good” CPI and strong jobs data failed to push stocks higher during the most important months of 2025.

We walk through the five defining moments: the February CPI “should’ve” been bullish, the March jobs report “should’ve” boosted risk assets, and then the April 2 “Liberation Day” tariff shock that turned probabilities into policy—triggering a real repricing. Then we close with the geopolitical aftershocks (including Maduro and fresh Greenland tariff threats) and what Wall Street is positioning for next.

Truthbomb: the market isn’t trading GDP… it’s trading the next policy headline.

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