In retrospect, Michael Hartnett's call that payrolls day would be more important than Liberation Day may end up being one of the worst predictions of his career.
Needless to say, things did not pan out that way, although let's go back to last weekend to go through the BofA CIO's reasoning: we reported that on April 2 "US tariffs are set to jump from 2% to 8% of imports but Hartnett expects Trump to underplay (not overplay) April 2nd to avoid 2nd wave US inflation."
Of course, we now know that tariffs ended up jumping much more than that, to over 20%...
