And tariff = deflation and strong dollar? It doesn't change the monetary supply either way. If TPTB aren't allowing restrictive levels of interest rates (which Trump certainly doesn't want) it's inflation baked into the cake. The US economy buckled into recession with a historically low rate hike, so good luck cutting those rates lower and avoiding stagflation.

Low interest rates with a strong economy = "meh".
Lowering interest rates with a weak economy and already low rates = "not so good".

This level of pessimism will see people moving more into PMs than bonds. The shift is already here. Just saw normie redditors on r/investing saying they are buying gold for the first time.

And tariff = deflation and strong dollar? It doesn't change the monetary supply either way. If TPTB aren't allowing restrictive levels of interest rates (which Trump certainly doesn't want) it's inflation baked into the cake. The US economy buckled into recession with a historically low rate hike, so good luck cutting those rates lower and avoiding stagflation.

Low interest rates with a strong economy = "meh".
Low interest rates with a weak economy and record pessimism = "not so good".

This level of pessimism will see people moving more into PMs than bonds. The shift is already here. Just saw normie redditors on r/investing saying they are buying gold for the first time.