Mid-week market update: I wrote on the weekend that the Trump Administration was on the verge of a TACO (Trump Always Chickens Out) pivot. The market had the hint of a TACO on March 9, when he told CBS: “I think the war is very complete, pretty much”, but changed his tune hours later: “we’ve already won in many ways, but we haven’t won enough.”
The TACO is being made. Here is why. Today is the second consecutive day that nationwide average gasoline prices are above $3.50 a gallon.
During past trade disputes, the TACO was accomplished with a simple Trump pivot because the opposing party was open to the pivot. This time, other belligerents in the conflict have other ideas, namely Iran and Israel.
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