Tariff trepidation weighed on global equity indices even as domestic stocks recovered late in Monday's trading. Major bourses in Asia declined 3-4% and gold marched to yet another high in anticipation of Wednesday's "Liberation Day" announcement, which increasingly appears headed toward more substantial levies than had been anticipated. Economic risks notwithstanding, Fed officials pushed back against stagflation concerns and reiterated their preference to remain on hold whil

A look at important themes on the horizon (March 31 - April 4).

Declining sentiment and resurgent inflation concerns amid tariff-driven uncertainty weighed on equities as Big Tech and auto-adjacent stocks fell. The prevailing risk-off tone drove a 12bp rally in 10y Treasuries (to 4.25%) while gold moved to new highs. The final University of Michigan survey of consumers for March reinforced a precipitous decline in the near-term economic outlook and a steady rise in inflation expectations. Meanwhile, February personal income and spending f

Global equity markets drifted lower on light volumes and gold climbed to record highs against mixed dollar performance Thursday. Proposed US vehicle and component tariffs weighed on the auto sector as the possibility of Canadian and EU responses prompted warnings from the White House. European allies and other NATO members discussed next steps in their support for Ukraine with agreement on the need for continued sanctions against Russia. In the US, where HHS layoffs and reorg

Trading narratives took center stage even as Wednesday's major announcement came after the close. With global equities languishing and the dollar strengthening, the US announced tariffs of up to 25% on imports of finished automobiles and components, effective April 3. The measure will accompany "reciprocal" tariffs yet to be finalized but due April 2. GOP lawmakers continued to negotiate notwithstanding differences on budgetary offsets as the CBO pointed to an August hard sto

Treading water on Tuesday, risk markets saw lower volumes as tariff deadlines loomed. A conditional agreement on pausing hostilities in the Black Sea opened an uncertain path for a partial, temporary ceasefire between Russia and Ukraine. The US directed attention toward China in its Annual Threat Assessment as intelligence officials testified on Capitol Hill and a number of entities were blacklisted. While an EU delegation met with US counterparts seeking to attenuate trade t

The possibility of exemptions and a reduced slate of tariffs bolstered US and global equities as well as the dollar on Monday as Treasury yields climbed. A much-publicized breach shed light on the US administration's posture toward Europe as well as its approach to foreign policy. Meanwhile, US negotiators in Riyadh met with Russian counterparts and plan another round of discussions with Ukraine in search of a temporary Black Sea ceasefire. Maritime security remains a global

Introducing Datum Research Commentary, Notes will comprise short annotations of current events, topical developments, and important themes. 5 MAR 2025 EDWARD VON DER SCHMIDT President Trump outlined a decidedly transactional posture toward foreign policy and trade in particular. The appearance of American dominance and economic reciprocity in bilateral relations (or lack thereof) will greatly influence what policies are actually effected and for how long. The administration's