Wall Street's main indexes tumbled on Monday after Beijing announced plans ...
NEW YORK - Wall Street’s main indexes tumbled on Monday after Beijing announced plans to retaliate with higher tariffs on U.S. goods, raising fears that another round of tit-for-tat measures could push the U.S. economy toward recession.
“ The Chinese are measured in their response and as long as they stay measured in their response that is good. Then you have other issues – are they going to let their currency float, are they going to boycott Treasury auctions or sell Treasuries? You are heading into, I wouldn’t say uncharted territory because unfortunately we have been here before in the 1930’s so we know where this can go to. This can get really ugly and dangerous very, very quickly.
“Bonds are rallying pretty nicely today. I wouldn’t be surprised if some people are raising cash too. People are selling riskier assets, rotating out of equities into treasuries and cash.” “It should be more damaging to corporate profits than GDP … U.S. multinationals stand to lose significantly. It’s not good for the economy but that’s where the pain’s going to be felt first.”“Today’s trade has unmistakably been about China’s response to the most recent round of tariffs. Risk-off with a flight-to-quality chaser is the non-brainer. How low can yields go just became the operative question and for this we’ve been tracking local extremes for initial resistance levels.
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