A few days ago, just as bombs were hitting the Middle East, Scott Bessent, the US Treasury secretary, held private meetings with top Wall Street financiers.
He had a key message to impart, I am told: don’t sell assets, since markets will soon rebound from the slump — just as they did a year ago after the so-called “liberation day” tariff shock.
Was he correct? Yes — given Wednesday’s stunning relief rally. As investors parse the recent head-spinning events, the first lesson to note is that the “Taco trade” remains alive and well. Trump (still) Always Chickens Out and changes policy if there is market or political pushback, to cite the acronym coined by my colleague Robert Armstrong.
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