Monday Macro – beyond 100 days: making sense of volatile markets as we head towards the summer

In which I probably foolishly try to summarise some learnings from the last few months of heightened policy volatility

As I write this, markets are in a buoyant mood, with stocks moving ahead following news of another 90-day (what’s it with 90 days?) pause in the US-China tariff war. This starkly contrasts with last week’s news, as the Fed and the BoE warned that the outlook for their respective economies is worsening. However, the former seems in no hurry to cut rates,…