Politicians will not voluntarily fix sovereign debt issues because fiscal discipline loses elections. The UK and France have already run out of runway and have their backs against the wall. The US is still "kicking the can", but when $1 out of every $5 collected goes strictly to paying interest, the market will eventually force a reckoning there as well.
We were largely struggling but at least moving sideways until Friday, when the twin negative effects of a new tariffs and a weaker-than-expected jobs report pulled the rug from underneath investor sentiment. Risk assets faltered and safe haven assets rallied. Ouch!!
