Episode Details

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Julian Brigden Co-Founder of MI2 Partners joins Monetary Matters to discuss why the dramatic shift in US trade policy is making non-US investors dump US assets and bring home the profits from a historic bull run in US assets. He also explains why this repatriation of profits coupled with an eventual slowdown in the flow of dollars driven by tariff policy itself spells a weaker dollar and trouble for US financial markets, even if it does result in American reindustrialization. Recorded April 15, 2025.

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Timestamps:

00:00 Intro

01:53 The Whole World is Overweight the US

09:55 Tariffs Slow the Dollar Flow

17:54 Selling US Assets is Prudent for Foreign Investors

26:42 Who Wins in the US Domestic Economy?

29:56 MacroCapture

34:58 Tariffs Have Been a Carpet-bomb Approach

44:06 Tariffs = Stagflation

49:43 Tariff Effects on China and Europe

54:04 Are Risks Greater in the US?

01:00:13 Will Foreign Markets Outperform on US Weakness or Their Strength?

01:04:32 Bond Market Outlook

01:10:24 Gold Outlook

01:12:50 Reading the Tape to Detect Market Participants

01:18:16 Where is the Trump Put?

01:22:21 America’s Liz Truss Moment

01:25:59 Credit Trades and HYG