With the United States ushering in a new era of zero-sum trade warfare, the broader world economy is being reshaped before our eyes. Yet despite obvious risks to growth and price stability, US stock indices are behaving as if everything was just fine.
PARIS – Despite all the policy-induced uncertainty wrought by President Donald Trump’s administration, US stock markets seem to be sending a message of normalization. Major indexes have returned to where they were at the beginning of the year and continued to rise. What is going on? Are these new highs credible?
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