Today the US is full of ambiguity.

The President that was voted in on a populist agenda (and/or because he was seen by enough influencers as a better alternative) has so far provided tax breaks to benefit the rich, domestic corporations (with or without acorns squirrelled away offshore) and equities markets.

Additionally, his steel and aluminium tariffs will most likely cause pain for domestic companies that previously relied on cheaper imports, plus other US export industries against which China is raising tariffs.

No doubt many of these affected industries employ many of the President's electors.

As manufacturers most probably loaded up on pre-tariff product, there will likely be a lag before higher costs start getting pushed onto the consumer, but that's code for inflation is coming, Jon Snow. 

At the same time the US Federal Reserve is raising interest rates, also to the short-term detriment of the sub-prime consumer, and the jury is out on whether there might be 4, instead of 3 rate hikes this year.

Concurrently, the Fed balance sheet run-off continues with liquidity being drawn out of the market for those securities.

Free and easy money is going, volatility is on the rise, the technology laden equities market is whip-sawing and there is a risk of an inflationary sling-shot in the US as input costs begin to rise.

Something's gotta give.

Mike