On Trump 2.0, Global Growth, Argentina & S&P 500 Profit Margins

It’s evident how much policy uncertainty is baked into the dollar’s value from its whipsawing during the first two days of Trump 2.0 in reaction to changed expectations regarding the timing of the new tariffs. Despite concerns of higher prices and a trade war, there's the potential for tariffs to expand manufacturing capacity, which would be disinflationary. … Also: Melissa shares highlights from the IMF’s new global GDP growth projections and discusses why we think the Argentinian stock market is one to watch. … And: Joe recaps data on S&P 500 companies’ forward profit margins, which have been on the rise across most sectors.