President Trump has shown his populist colours by jumping on board a liberal proposal to cap credit card interest rates at 10% for one year. This makes no sense! And it looks to be going nowhere fast.

Most U.S. stock indices were weaker WoW, except for the small/mid cap Russell 2000 which has strung together some amazing gains YtD (+7.9%). Other global equity indices were generally positive. USTs lost ground, and both gold and Bitcoin pushed higher. This all happened in a backdrop in which the U.S. president introduced a series of populist and interventionist proposals that are drifting wider and wider from Republican principals.