Still thinking about last week? Drop it. Forget it. What was HOT last week is NOT this week. Things are moving fast and furious. No time to sit and think.
Let’s start with the most important change from last week. Careful, it’s sad. It appears the Sydney Sweeney obsession is over (for now, anyway). She and her jeans are so last week. One day you’re in, the next day you’re out. Oh well.
Last week (specifically Friday) there was concern that President Trump’s deadline (again, Friday) for a Ukraine/Russia ceasefire deal would cause huge new sanctions/tariffs on Russia and supporting countries. Nope. This week (again, Friday) Trump and Putin are meeting in Alaska to forge a peace deal. Yea, friends again. One week and, rather than “crush you,” it’s “let’s chat a bit.”
Not to be a spoiler, but it could go like this:
Putin — I want all land I got in Ukraine “annexation.”
Zelenskyy — I’m not giving up any territory.
There ya go.
Trump — We made great progress, and it will be the greatest peace deal ever. Let’s hope.
Tariffs are back. Kinda, sorta. The new target is gold. Gold? Yup. One-kilogram and 100-ounce gold bars are subject to import tariffs. Maybe. It started with all Switzerland products getting tariffs, which would include gold. But customs said ALL gold imports from any country would be subject to tariffs. The White House is expected to issue some clarification, so there may not be tariffs. Cute. Gold rallies huge, then dives back down bigger. The tariff game is still in play.
Congratulations to Fed Chairman J. Powell. He’s still employed. Sticking to his guns, he did not cut interest rates last week. Trump didn’t fire him either. However, the president is appointing new “friendly” Fed board members and interviewing replacements for Powell. The writing is on the wall (very clearly) to the Fed chair: cut rates in September… or else. Can Trump put sanctions on the Fed Chair? No matter what, interest rates are back to topic one again.
Of course, there are a few other things going on this week that warrant paying attention to. Will the rogue Texas Democratic legislators come out of hiding and return to Texas to vote on legislation? Will the federal takeover of law enforcement make D.C. safe again? Will ANYTHING make sense ever again? (No bets.)
One week at a time, just one week at a time.
Bill Taylor is the CEO and Chief Market Strategist at Digital Wealth News, offering expert insights on markets and asset classes. A proud Horned Frog and Texas Christian University grad, he played college basketball while there. With a strong finance background and passion for digital innovation, Bill shares thought leadership on market trends and portfolio strategy for our audience.
