Kate Leinbaugh

One area where, again, this isn't, I guess, a concrete statistic, it's more vibes, but one area where we do seem to see a change is in consumer confidence, correct? I feel like even though all of these indicators appear stable, the vibes of the economy are bad. Is that what that means? And what are their consequences to that? Or is it just a vibe?

One area where, again, this isn't, I guess, a concrete statistic, it's more vibes, but one area where we do seem to see a change is in consumer confidence, correct? I feel like even though all of these indicators appear stable, the vibes of the economy are bad. Is that what that means? And what are their consequences to that? Or is it just a vibe?

That's right. It's very much like the Biden economy where the White House was constantly complaining that people didn't appreciate how good it really was on paper.

That's right. It's very much like the Biden economy where the White House was constantly complaining that people didn't appreciate how good it really was on paper.

That's right. It's very much like the Biden economy where the White House was constantly complaining that people didn't appreciate how good it really was on paper.

This has all been very confusing, I feel like, to people on Wall Street because, you know, the IMF meetings are this week. There's a lot of bankers and financial officials from all over the world in town. And they seem very confused that the administration, frankly, is not more sensitive to the markets.

This has all been very confusing, I feel like, to people on Wall Street because, you know, the IMF meetings are this week. There's a lot of bankers and financial officials from all over the world in town. And they seem very confused that the administration, frankly, is not more sensitive to the markets.

This has all been very confusing, I feel like, to people on Wall Street because, you know, the IMF meetings are this week. There's a lot of bankers and financial officials from all over the world in town. And they seem very confused that the administration, frankly, is not more sensitive to the markets.

I think there was an expectation that this president viewed the stock market as almost like an approval rating ticker. and would immediately course correct if he saw that there was a negative impact. But instead, he's been sort of intermittently sensitive to market gyrations while claiming that he's not going to be sort of bullied. How much is that uncertainty making people nervous, I guess?

I think there was an expectation that this president viewed the stock market as almost like an approval rating ticker. and would immediately course correct if he saw that there was a negative impact. But instead, he's been sort of intermittently sensitive to market gyrations while claiming that he's not going to be sort of bullied. How much is that uncertainty making people nervous, I guess?

I think there was an expectation that this president viewed the stock market as almost like an approval rating ticker. and would immediately course correct if he saw that there was a negative impact. But instead, he's been sort of intermittently sensitive to market gyrations while claiming that he's not going to be sort of bullied. How much is that uncertainty making people nervous, I guess?

Well, as Greg has pointed out, there continues to be this fundamental conflict and disagreement within the administration about the long term goals of the tariffs. And that's part of why we see this back and forth similar to Trump's first term between the tariff enthusiasts, which are mostly Trump and Peter Navarro. and the more conventional sort of conservative economics types.

Well, as Greg has pointed out, there continues to be this fundamental conflict and disagreement within the administration about the long term goals of the tariffs. And that's part of why we see this back and forth similar to Trump's first term between the tariff enthusiasts, which are mostly Trump and Peter Navarro. and the more conventional sort of conservative economics types.

Well, as Greg has pointed out, there continues to be this fundamental conflict and disagreement within the administration about the long term goals of the tariffs. And that's part of why we see this back and forth similar to Trump's first term between the tariff enthusiasts, which are mostly Trump and Peter Navarro. and the more conventional sort of conservative economics types.

I think part of the reason that it's been hard for the administration to attain the kind of long-term certainty that might actually start this process of fundamentally reshaping the American and world economies is that, as Kobe noted, Trump will be gone in a few years. If policies are passed by Congress, it's much harder to do, but that's for a reason.

I think part of the reason that it's been hard for the administration to attain the kind of long-term certainty that might actually start this process of fundamentally reshaping the American and world economies is that, as Kobe noted, Trump will be gone in a few years. If policies are passed by Congress, it's much harder to do, but that's for a reason.

I think part of the reason that it's been hard for the administration to attain the kind of long-term certainty that might actually start this process of fundamentally reshaping the American and world economies is that, as Kobe noted, Trump will be gone in a few years. If policies are passed by Congress, it's much harder to do, but that's for a reason.

And it means that those actions are more durable. So, you know, this administration has pointed to, you know, some of the announcements that have already been made of companies making big investments in the U.S. and saying that this indicates that this strategy of reshoring manufacturing and creating American jobs is going to be successful in the long term.

And it means that those actions are more durable. So, you know, this administration has pointed to, you know, some of the announcements that have already been made of companies making big investments in the U.S. and saying that this indicates that this strategy of reshoring manufacturing and creating American jobs is going to be successful in the long term.

And it means that those actions are more durable. So, you know, this administration has pointed to, you know, some of the announcements that have already been made of companies making big investments in the U.S. and saying that this indicates that this strategy of reshoring manufacturing and creating American jobs is going to be successful in the long term.