Wall Street has been generating indignation about Howard Lutnick on rates. While the president’s controversial secretary of the president seems an easy goal, it is worth asking White to be correct.
As some inside the White House recently reminded me: “Many people on Wall Street do not like Howard, but they are acting as if it were their tariff policy, not that of the president.”
It is true that in the past, I have also sounded the alarm on the role of Lutnick in the Trump tariff war, specifically its ability (or disability) to promote the clear need to fix something that based on the entire evidence continues to undermine the USS. It would be good to make more things here too. China has been fucking for years.
However, selling it is key: the bond market, also more than the shares, maintains the lights of the country on and there are increasing signs that credit markets hate the unequal policies of the administration and the explanation of these policies. One day we have massive rates, the next day there is a roast. One day we have an exemption for technology companies, the next day we do not.
Lutnick is up to all of the above, worsening the situation, their critics argue. Among His Many Gems to Defend Trump’s World War Tariff is that it Will Magically Create Lots of New Factory Jobs, Or In Lutnick Speak: An Army “OR Millions and Millions of Human Beings Screwing in Little Screws to make iPhones – Thatting Child Child of The Day of Things To Beera, Amthe Amthe Amthe Amthe Amthe of Things of Things of Things of Things of Things of Things of Things of Things of Things of Things of Things of Things of Things of Things of Things of Things of Things of Things.
Yes, it is not good.
That is why behind the scene, there is a “Fire Lutnick” movement of Wall Street executives, pressing Key Trump Aids to get him out of the image of the rate as soon as possible, make him reallocate him to more mundane tasks such as traveling.
The movement picked up steam on the weekend after the markets prepared for a great rebound on Monday Open. The main technological companies seemed to be excluded from tariffs, only that Lutnick Duration The Sunday shows it, it was not really the case. As expressed by a Wall Street executive after witnessing Lutnick the latest in commerce: “It is a demolition ball.”
Meanwhile, his humble correspondent has bombarded with unpleasant stories of Lutnick, such as his brokerage firm, singer Fitzgerald, is invested in AI and, therefore, would benefit from Orpse Robbornized.
Without a doubt, the Wall Street establishment never liked Lutnick, an upstart with sharp elbows and volatile nature. Hey, ran a hard brokerage firm and eating, and it was very good at that. In addition, I am skeptical of all these success pieces that I continue to receive. The story of AI seems doubtful because Cantor (where he is still a majority owner of permission to the White House), is almost a minor player in the career of AI that involves all institutional banks and investors and a technological company on the planet.
Above all, the rates policy is not that of Lutnick, but that of Trump, who likes to negotiate in businesses or with commercial partners keeping them giving. It is true that Lutnick has not been the best spokesman for the cause, and markets such as Treusor’s Secretary of Trump, Scott Besent, a former currency merchant, is now taking the lead.
Even so, Besent, after stripping their most eloquent commercial explanations, is nothing different from Lutnick, namely that we are in a tariff war with the rest of the world that markets hate. The Treasury Secretary can turn Trump’s plans all who wish, but it will not matter if the boss continues to launch curved balls while the markets digest one of the most seismic economic policy changes in decades.
In other words, cut Howard a break.
