Liam Goodbrand

Tariffs. That was the major interest in the second quarter, with Trump's announcement on April 2nd in the Rose Garden sending markets spinning. The implementation of a pause on tarffis on April 8th calmed markets and in the end, most indicies were positive. While this was one of the quickest recoveries in stock market history, it is a useful reminder to investors that time in the market is often a better course of action than trying to time the market. Rotation out of the US is likely to continue, although not as fast as some predict, and will mostly play out through a weaker USD. This is more important to foreign investors who have enjoyed a performance tailwind and need to think harder about currency exposure going forward.

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