On Liquidity, Tariffs & Earnings

The Fed doesn’t always make the right decisions. But there’s next to no chance that it will mismanage liquidity and overly stress short-term funding markets, Eric explains. The Fed would end its quantitative tightening before that happened. … Also: Melissa delves into the motivations behind Trump 2.0’s tariffs. The newly announced global steel and aluminum tariffs are matters of national security, seeking to promote US independence from foreign sources of these critical metals. Coming soon will be reciprocal tariffs that aim to level the playing field in global trade. … Also: Joe assesses how Q4 results are shaping up among S&P 500 and Mag-7 companies that have reported so far.