Fed, ECB, micro results... and @POTUS

The markets were fairly upbeat in the first week of the Trump 2.0 administration, with risky assets reaching highs. They were also buoyed by corporate earnings releases getting off to a very good start. These first days of Trump 2.0 also serve as a useful reminder, should anyone have forgotten, that i ) headline risk and uncertainty are going to be a daily occurrence, and ii) that words (@POTUS’s “Everything, everywhere, all at once”) may not always coincide with facts. With equity indices at record highs (and very expensive in the US) and strong US macro optimism , this gives rise to legitimate fears of more volatility. After the BoJ (+25bp), next week will be a busy one with the Fed (status quo , see preview ) and ECB ( 25bp , see preview ), ) meetings, as well as many key earnings releases (ASML, Apple, Tesla, Microsoft, Amazon) and Q4 GDP figures (US and eurozone).