“Yesterday’s home runs don’t win today’s games.”
– Babe Ruth
The Through Line: From the day Donald Trump took the presidential oath of office for his second term (invoking former President McKinley in his inaugural address and signing a slew of executive orders soon after stepping away from the podium) substantial changes impacting the global order were set in motion. Markets and policy makers wondered what type of game the U.S. was playing as it redefined its stance on the world stage. Many of these issues have come to a head over the last four weeks against a backdrop of conflict in the Middle East. We highlight some of the most potent and game out how they could evolve in the days ahead.
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