Trump promised that tariffs would lead to a big increase in US production at the expense of imports, and at the same time generate enormous tax revenues. Critics replied that it had to be one or the other. So far, revenues are the clear winner. w/ @theboysmithy.ft.com @robarmstrong.bsky.social

The Fed’s task looks like it is becoming more difficult as the emerging stagflationary picture becomes harder to ignore. Can looser monetary policy (as financial markets wish for) increase job growth without pushing prices higher?

Long-dated bond yields across developed markets are reaching multiyear highs. Deficits are large and supply is heavy. Are we in the start of a doom loop between long-dated yields and sovereign borrowing costs? Sign up for Unhedged's "Chart of the Week" here: ep.ft.com/newsletters/...