Trump’s Trump

(1) Powell gets Trumped again. (2) Midcycle rate cut triggered by “uncertainties.” (3) The end of QT. (4) More rate cuts might still be appropriate, or not. (5) Powell is a perplexing pivoter. (6) Trump feeds Fed more trade uncertainty. (7) US real exports and imports have stopped growing. (8) Record US trade deficit even though oil deficit is almost gone. (9) With the exception of hours worked, latest employment report was solid. (10) Movie review: “The Farewell” (+ +).