Some economic headlines of note from yesterday, as of midafternoon and barring a late-evening rally: Goldman Sachs revised US economic growth sharply downwards. Tesla shares fell by 9%. Bitcoin prices fell by 6.5%. The tech-heavy Nasdaq Composite Index fell by 4%. 500 points fell off the Dow Jones, which sank by 1.2% (which might seem small but amounts to hundreds of billions of dollars in losses when you consider that the Dow Jones is worth $19.5 trillion).
None of this is particularly surprising, in fairness: The American President has told his country that the American economy is to “go through a period of transition”. Transitions are inherently uncertain, and the outcome of them is inherently unpredictable. Markets do not like unpredictability, and as such money has been fleeing the markets.
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