Liberation is the act of setting someone free from imprisonment or oppression. Markets could interpret “Liberation Day” as the day when the new administration commenced its plan to reverse the economic impact of the rise of China in global commerce. Scott Bessent, the current Treasury Secretary, recently defined the administration’s agenda: rebalance global trade, restore the domestic industrial base, and build an economy that is good for both Wall Street and Main Street. To achieve this, the administration sees tariffs, tax cuts, and deregulation working together to drive growth and increase U.S. household real median income. Given the evolving fiscal policy backdrop, consumers, businesses, and the Fed seem to be in a holding pattern as they await greater clarity around these potential changes.

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