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

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.