Chartroom Updated

So many charts show a 'Trump Hump' over the last couple of months

It is unavoidable: much of the ‘hard’ economic data seen over the last couple of months has had President Trump’s stamp all over them. Generally, April’s ‘hard’ data was shockingly weak everywhere in the wake of the ‘Liberation Day’ tariff theatre. As it turned out that much of it was a shocking opening position in Trump’s trade negotiations, May’s data rebounded in relief. So far there’s not much evidence from June itself, but what there is suggests a month simply relapsing back to ‘normality’ without any clear dynamic.