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Author: Charles Baldwin
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Economic Uncertainty: The Possible Impact of Tariffs and Market Reactions

Those who were hopeful that “Liberation Day” would provide clarity and reduce uncertainty, and with-it reduced market volatility, were disappointed. They did get details, but not clarity. And the details were not pretty. Uncertainty continues. The probability of a recession has increased.
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Stocks, Tariffs, and Recession Fears: What’s Driving the Market?

January’s strong equity market performance carried over into the first few weeks of February. Since then, we have seen a strong pullback in U.S. equities. One factor is the uncertainty created by the Trump administration’s tariff policies.
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March 2025 Market Commentary

January’s strong equity market performance carried over into the first few weeks of February. Since then, we have seen a strong pullback in U.S. equities, despite some modestly good inflation news.
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