“Trump’s appointees, including Elon Musk and Vivek Ramaswamy to the new Department of Government Efficiency and Scott Bessent as Treasury Secretary, signal that we may be at the dawn of a radically new era in US economic policy, one focused on libertarian principles of small government and deregulation,” writes Yves Bonzon, group chief investment officer of Zurich-based Julius Baer.
In nearly every outlook report, across almost every market and asset class, economists and analysts agree on one thing — there is no greater destabilising force ahead than the second term of US President-elect Donald Trump.
Trump 2.0 has been branded “contentious” by Standard Chartered and the soon-to-be 47th US president has so far put forth “conflicting economic policy goals”, according to DWS. Still, some are more sanguine; Julius Baer thinks the current consensus that the second Trump administration will increase deficits and reignite inflation appears “dangerously simplistic”.
