“Courage is being scared to death… and saddling up anyway.”

– John Wayne

The Through Line: Markets reacted sharply after President Donald Trump unveiled his “Liberation Day” tariff plans, moving rapidly to reset valuation levels. Did they go far enough to accommodate the current fundamental situation or overreact? Time will tell – though probably not quickly. We lay out key issues to watch that may help indicate the ultimate track.

To read the full report, click here.

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