Tracy Alloway

The central bank, in theory, should be raising rates, but the combination of lower economic growth and higher prices, stagflation, is a difficult one for the central bank to react to, to be fair. But in theory, they should be raising rates, but the president wants to push them down. That is a recipe for prices going up quite a lot.

I actually haven't looked at it that closely recently, which again, we're talking kind of emerging market stuff, right?

I actually haven't looked at it that closely recently, which again, we're talking kind of emerging market stuff, right?

I actually haven't looked at it that closely recently, which again, we're talking kind of emerging market stuff, right?

Yeah. I think that's also the important thing to remember here. A lot of the U.S. investment case, I mean, the U.S. 's primary export is financial assets. We sell lots of stocks to foreigners. We sell lots of our debt, U.S. treasuries to foreigners. That's been funding a lot of our business model.

Yeah. I think that's also the important thing to remember here. A lot of the U.S. investment case, I mean, the U.S. 's primary export is financial assets. We sell lots of stocks to foreigners. We sell lots of our debt, U.S. treasuries to foreigners. That's been funding a lot of our business model.

Yeah. I think that's also the important thing to remember here. A lot of the U.S. investment case, I mean, the U.S. 's primary export is financial assets. We sell lots of stocks to foreigners. We sell lots of our debt, U.S. treasuries to foreigners. That's been funding a lot of our business model.

If the primary export is that, you have to talk about how important the rule of law actually is in this country, the stability. Investors investing in the U.S., they're not expecting, I don't know, like a coup or the president to be controlling interest rates. They're expecting a very... I guess, normal, normal line of proceedings, right?

If the primary export is that, you have to talk about how important the rule of law actually is in this country, the stability. Investors investing in the U.S., they're not expecting, I don't know, like a coup or the president to be controlling interest rates. They're expecting a very... I guess, normal, normal line of proceedings, right?

If the primary export is that, you have to talk about how important the rule of law actually is in this country, the stability. Investors investing in the U.S., they're not expecting, I don't know, like a coup or the president to be controlling interest rates. They're expecting a very... I guess, normal, normal line of proceedings, right?

And instead, we're seeing all this uncertainty injected into the market and sort of the U.S. normality premium, I guess, being eroded.

And instead, we're seeing all this uncertainty injected into the market and sort of the U.S. normality premium, I guess, being eroded.

And instead, we're seeing all this uncertainty injected into the market and sort of the U.S. normality premium, I guess, being eroded.

Thanks so much. It was fun. Slash terrifying.

Thanks so much. It was fun. Slash terrifying.

Thanks so much. It was fun. Slash terrifying.

Thank you.

Thank you.

Thank you.

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