Jonathan Ferro

It takes seconds to price in a shock to the cycle. It takes much longer to internalise potential shocks to the system. Feels like Wall St is breaking away from myopic chats about weather and pondering an unfamiliar investment solar system. This aint your average growth scare.

RT @DilksJay: Whenever I hear about “The Dow” , I think about this. It’s like giving a tornado warning to an uninhabited area. Sounds awful…

UnitedHealth is 9% of the index Hardly anybody 'owns' the dow Why give a weather report for a town nobody lives in?

Alastair @Carpedeumuk

@BloombergTV @FerroTV Jonathan Ferro reported just now that the markets are "up across the board" which is strictly not true. The DJ30 (which for some reason you never report) is down on the day.

Ditto!!

shanks @shanks099

@FerroTV loved the opening, Trump wants to watch Masters next 4 days puts new perspective. Go Rory!!

Off-ramp it is…

Jonathan Ferro @FerroTV

Still all in the hands of one man. But based on these comments the off-ramp is being pieced together if he eventually wants to take it. The administration doubling down on China and leaving the door open for negotiation with everyone else.

Still all in the hands of one man. But based on these comments the off-ramp is being pieced together if he eventually wants to take it. The administration doubling down on China and leaving the door open for negotiation with everyone else.

Treasury Secretary Scott Bessent @SecScottBessent

China has chosen to isolate itself by retaliating and doubling down on previous negative behavior.   Over 50 countries have responded both openly and positively to @POTUS @realDonaldTrump’s historic action to create a fairer, more prosperous system of global trade. We look

Huge difference between a shock to the cycle vs a shock to the system. Is this the start of negotiations or are these the new rules of the game? The uncertainty is leading to an immediate repricing of the cycle. It will take much longer to fully internalize a shock to the

One of those weekends… See you Sunday @BloombergTV

Bloomberg TV @BloombergTV

As President Trump’s trade war rattles global markets, Bloomberg Surveillance goes beyond the headlines with special coverage Sunday, April 6th 5-7pm ET. Join hosts @FerroTV and @lisaabramowicz1 for real-time insight https://t.co/dRRrYZIPjD https://t.co/hkIc1uYt4b

Treasury Secretary Bessent tells @annmarie the equity market selloff is quote “A Mag7 problem not a MAGA problem”

Charge for hand luggage, do the checking for free. It'll make the whole boarding process so much easier.

Sam Ro 📈 @SamRo

“…We need at least 25 passengers to check their bags…” - OH at the airport

RT @dr_firstgrowth: @FerroTV “apparently stagflation is bullish” line of the day

Something for everyone. Good news: Based on forecasts Fed believes that any upward pressure to inflation won't last beyond this year. Bad news: They've downgraded the outlook for growth and haven't responded by projecting additional cuts.

Axel Merk @AxelMerk

At first blush, FOMC statement is dovish. However, @FerroTV makes an important point: the forecast is stagflationary with growth downgraded but inflation sticky. Dot plot does not suggest lower rates in reaction. Fed that is stuck, not lowering rates based on weaker outlook

WTI crude oil is down for 8 consecutive weeks (longest streak since 2015) and it hardly ever comes up in market/eco conversations.

Plan appears to be more government at the border (trade and immigration) less government inside the border (doge and taxes). Rebalance the economy from the public sector to the private sector. There’s obviously a price to pay for that. How big? I don’t know. How much pain are

Kyla Scanlon @kylascan

@FerroTV Many more are more knowledgeable than me on this, but I think Powell meant pain as in higher rates -> inflation go down; whereas Trump + Bessent don't really seem to have a Grand Plan other than reshoring US manufacturing at what will likely be a significant cost to consumers +

The two seem very aligned on rebalancing the economy. Pres Trump: transition period Sec Bessent: detox period Reminds me of the Chair Powell ‘pain’ speech from Jackson Hole in 2022.

Geiger Capital @Geiger_Capital

Trump on the possibility of a recession: “There is a period of transition because what we're doing is very big… Ultimately it will be very good” Bessent and Trump on the same page. https://t.co/vSeeYShpII

German economic policy failed German energy policy failed German foreign policy failed It was the German government who refused to help rebalance the EU economy in the debt crisis. It was Germany's influence that made it difficult for the ECB to behave like a DM central bank.

RT @annmarie: Commerce Secretary @howardlutnick tells us the administration expects to make an announcement on Canada and Mexico this after…