The market's response to Trump's unexpectedly equivalent tariff policy on April 9 resulted in a triple whammy for U.S. stocks, bonds, and currency, forcing him to concede on tariffs;
Yesterday, the market saw another triple whammy, reacting to Trump's attempt to fire Powell and undermine the Federal Reserve's independence, although the level of panic was noticeably less than during the April 9 incident.
Market performance reflects concerns about policy risks and also implies a 'betting against risk' mentality.
Last night, Jim Crammer mentioned on CNBC regarding the trade war: "This is a man-made crisis that can completely be resolved with a stroke of a pen."
Whether it is the tariff policy or the intervention in the Federal Reserve's independence, the essence remains the same. Next, we need to observe whether the extent of damage to the fundamentals can again force Trump to compromise and concede.