Trump Stakes

A new week brings more pain to the markets. Trump called Fed Chair Jerome Powell ‘a major loser,’ a move that spooked investors and damaged the dollar (which is becoming less almighty by the day). “Perhaps more worryingly, the value of the U.S. dollar also sank as a retreat continues from U.S. markets. It’s an unusual move because the dollar has historically strengthened during past episodes of nervousness. But this time around, it’s policies directly from Washington that are causing the fear and potentially weakening the dollar’s reputation as a pillar of the global economy.” Wall Street and the dollar tumble as investors retreat further from the United States.

+ “The sell-America trade gathered momentum on Monday on concern President Donald Trump will act upon his threat of firing Federal Reserve Chairman Jerome Powell and implement policies that lead to a recession.”

+ Swiss banks are back in style for rich Americans..