Summary

• The first 15 months of President Trump’s second term have seen a whirlwind of policy changes, many of which have been notable for their extreme nature.
• The unemployment rate for US-born workers is 4.3%, unchanged from January 2025.
• In Trump’s first term, steel tariffs allowed US steel companies to add 3,200 jobs but job losses in steel-consuming industries were estimated at 75,000.
• Economic reports that are significant will move the markets, but most of them are not, and all of them are subject to revision.
• The dollar index is down about 1% over the last year, although, unlike the 10-year Treasury, it is down more over the last three years and also well below the 3-year average.

Trump, The Sequel: The First 15 Months

The first 15 months of President Trump’s second term have seen a whirlwind of policy changes, many of which have been notable for their extreme nature. President Trump’s style, his modus

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