Investment Conclusion
Can equities continue to rise while US bonds and the US$ to fall? I got this wrong so far. This note looks at the economic logic of this divorce. It could continue if disruption is over. But that’s unlikely. The wider economic costs of continued implementation of President Trump’s trade and foreign policies would undermine the investment case for bonds and equities and the US$. As a result of this analysis I have not made any additional changes to the Wealth Preservation Portfolio.
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