Financial markets have stabilised after Friday’s US payrolls shock and, unlike this time last year, there are few signs that large swings in government bond and currency markets are leading to a broader unravelling in risk sentiment. We continue to think that the US economy will hold up well enough to keep sentiment in decent shape and underpin the AI-driven equity rally; but another round of angst around the administration’s approach to key US economic institutions looks worryingly plausible.
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