Including “Liberation Day” and “termination”, down 15%, and 7.9% (log terms) relative to post-inauguration peaks (through 4/22 close).
Figure 1: S&P500 (blue, left log scale), and nominal dollar against advanced country currencies (tan, right log scale). Last two days of dollar use dxy spliced to Fed measure. Source: FRED.
If the tariff issue is going to become less distracting, then something else will have to become the new distraction. The felon-in-chief will never surrender the spotlight; he’s a ratings hound.
Let’s hope he has the ability to generalize what he has learned (?) from the Orange Crisis(tm). A “Mar-El-Lago accord” shock is the last thing the world needs.