Gary Black

Trump’s proposed higher tariffs are bad for the economy since they increase inflation. That is causing 10yrTYs to spike higher (4.70%, +1.4bp and highest since April), which hurts high duration (high P/E) growth names like $TSLA most. Today’s lower than expected Dec ADP private payrolls (+122K vs +140K exp) helps alleviate some pressure, but Trump needs to tone down his rhetoric.