In today's slightly more compressed markets happy hour podcast it is all about tariffs again, and not only are tariffs (whether on copper imports or Brazil - both at 50%) at records again, but US policy is starting to change the course of international politics and not just foreign relations - for this, see Brazil.
Other news was a little lighter as the US press gave considerable coverage to the tragic flooding in central Texas. There has been little movement in the rate of inflation, although expectations remain more muted then previously and this is all aligning with a growing appetite for risk, more money in money market funds on the side lines and what CNN deems (according to its fear and greed indicator) a climate that is into the zone of "Extreme Greed".
Next week we can analyze in more detail what exactly fear and greed are motivated by in markets, but for now, we look at some of the underlying components of that greed - soaring momentum, increased stock price breadth and a compressing high yield bond spread, all indicators of stronger risk appetite. Bitcoin reflects this too, having itself hit a high of $112,000.
The Markets Happy Hour Podcast is a weekly check-in on market conditions and what it means for investment portfolios. Aoifinn Devitt is an advisor to family offices and institutions around investing for a richer future. She believes that understanding the market context in which we operate is a key part of navigating that future with confidence and agency.
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