“War” seems more frequent these days. Ukraine and Gaza come to mind, but a war on big government, trade fairness, partisanship, Fed independence, drug pricing, free speech, and university funding similarly link to the term. The word is related to the Old Saxon “werran” meaning “to confuse, to perplex, or to bring into confusion.” The administration’s agenda, strategy, and actions appeared puzzling to market participants in April when tariff policy first emerged. Nonetheless, as Q3 ends, market prices seem to reflect a belief that the administration’s barrage of policy moves may be okay so long as the Fed addresses labor market weakness.

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