By Mark Wilson, trader and head of global markets at Goldman Sachs
As we approach the end of Trump’s first 100 days (yep, its only been 100 days), it was hard to listen to Musk on the Tesla results call and not feel as if we are at a relatively important juncture in the new Administration. Given Musk’s message (and the fact it coincided with a shift in tone from Trump on Powell, a shift from Trump & Bessent on China, and an inflection in the supposed seriousness of settlement talks re Russia/Ukraine), perhaps the proverbial Overton window has been jammed open far enough for the time being, and we’ve now moved to a more decisive period of implementation & compromise.
Who knows - just one possibility – but with that in mind, and with eyes wide open to the reality that economic uncertainty will remain unusually high in coming weeks and client sentiment reflects that uncommon fragility, a few points that stood out through the week:
