Tariff Tantrum with Peter Boockvar

On The Tape

RiskReversal Media

News, Business, Investing, Business News

4.6 • 757 Ratings

🗓️ 10 April 2025

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

Dan Nathan is joined by Peter Boockvar, CIO at Bleakly Advisors, to discuss the market's response to recent tariff announcements by the president. They talk about bond market volatility, earnings estimates, and the reaction from risk assets like crude oil, gold, and the U.S. dollar. Peter provides an in-depth analysis of the tariffs on steel, aluminum, and auto imports, and the temporary 90-day respite on reciprocal tariffs excluding China. The discussion also covers potential long-term impacts on trade relations, market fragility, and the shift in global economic dynamics, especially concerning China. They emphasize the market's underlying issues preceding the tariffs and question the sustainability of the current rally given ongoing economic uncertainties. After the break, Guy Adami and Peter explore the dramatic shifts in bond yields, the complexities of the current economic situation, and the implications of tariffs on global trade. Peter breaks down the traditional treasury trades, the impact of international relations on US treasuries, and the potential market reactions to various economic policies. The discussion also covers the weakening dollar, de-leveraging in the market, and the potential for a slowdown in the economy. They emphasize the importance of a disciplined approach to market analysis amidst unprecedented market movements and political maneuvers. Articles Referenced List of largest daily changes in the S&P 500 Index (Wikipedia) Trump Watched Dimon Interview on Fox Before Deciding on Tariff Pause (WSJ) — FOLLOW US YouTube: @RiskReversalMedia Instagram: @riskreversalmedia Twitter: @RiskReversal LinkedIn: RiskReversal Media

Transcript

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0:56.7	Welcome to the Risk Reversal podcast. I'm Dan Nathan, joined by Peter Bookbar. He is the CIO
1:01.4	at Weekly Advisors. Peter, welcome back to the pod. Dan, part two, and I get it with you instead
1:07.1	a guy this time. Well, that's what I was going to say. Okay, so when I said, welcome back to the pod, you a guy sat down for about a half an hour earlier today, right before the announcement of
1:16.3	the push out of most of the tariffs, I guess, by the president. And we'll talk a little bit about
1:21.2	the reaction there. But you guys had a great conversation. You were talking about bond market
1:24.8	volatility, broke that stuff down a little bit. Just some of the uncertainty in around policy and how that was weighing on the markets.
1:30.8	We're going to talk about how some of that has been alleviated in just a couple hours here.
1:35.0	And really, as we kind of get into Q1 earnings, you guys had some thoughts there and generally about earnings estimates and the like here.
	...

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