Attack the Week (ATW)
May 26, 2025
Monday Thoughts
I hope you had a great long holiday weekend. I am currently travelling back, writing these words in tense London traffic while my wife is on the wheel. There are not many more thoughts to add since Friday, other than we’ve already had a U-turn in the threatened 50% tariff after Europe reasoned with the US president that they are willing to start negotiations. Monday’s market moves showed an unsurprising bounce in risk assets while bonds initially sold off, only to then recover, while the USD continued on the back foot. My thinking hasn’t moved away from what I wrote on Friday, which you can find here:
Friday Chart Book
This is a long weekend (UK bank holiday Monday) and I am travelling into the wild to spend time in nature walking, pub crawling my way across Hampshire.
Below are additional thoughts from Macro D on debt and its consequences, before we scan the weekly macro calendar, check a few interesting chart setups and update the weekly asset allocation model for its latest change and performance.
Wishing you all a successful week ahead!
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