David Woo believes President Trump needs to win the affordability argument to win midterm elections and so is making moves in Venezuela and mortgage markets. He is “very surprised” by the market rally today after the employment report seems to prevent the Fed from cutting rates early in the year. His “big focus” in the short term is inflation, believing retailers have been discounting less to boost their margins. Venezuela is a huge tipping point in the world order that will begin a global arms race, he argues.

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