The Phoney Peace?
Investment Conclusion
The market reaction to reduced US-China tariffs is unwarranted. The S&P 500 has clawed back all of its post Liberation Day losses and is only 5% below its peak. The existing tariffs and uncertainty will do a lot more damage to global wealth than that. Instead of joining the party I am selling more US equities which will be invested in cash and gold. The USD has risen above 101 on the DXY. That’s up nearly 3% off the recent low. I am shorting more of that too into EUR and JPY