In these troubled times, one thing is clear: volatility is here to stay and Mr Trump's comments will have a lot to do with it. At its meeting on 29 January, the US Federal Reserve (Fed) adopted a wait-and-see approach in the face of the many uncertainties surrounding "tariff, tax, immigration and regulatory policy". A few days later, US tariff announcements targeting Mexico, Canada and China highlighted the difficulty for the central bank in assessing the trajectory of the US economy. The volatility shows that it is not clear and that it can change quickly, so fast and seemingly erratic are the announcements.
