The US is the world’s leading exporter of services to the global economy. The services sector is also the dominant source of economic activity in America. Those are strengths, but they’re also vulnerabilities in a global trade war.
Daily Archives: April 4, 2025
Macro Briefing: 4 April 2025
The US bond market rallied yesterday amid rising fears that a global trade war is unfolding. The Vanguard Total Bond Market ETF (BND), a proxy for US government bonds and investment-grade credits, rallied to its highest level since September, fueled by a rush for safe havens amid a stock market rout on Thursday. US stocks, by contrast, suffered their worst daily loss on Thursday since 2020, with the steepest declines in tech and energy sectors.
