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May 31, 2025

Wall Street’s macro traders get schooled in Trump-Era turbulence

For anyone on Wall Street still clinging to a time-honored macro-investing playbook, Trump 2.0 has been a source of endless punishment.Market narratives keep shifting faster than traders can adjust positions. Tariffs are on, tariffs are off — then they’re on again. One minute it’s “Sell America,” the next “buy the dip.” Old-school fiscal anxieties land, just as Nvidia Corp. sells a vision of AI-driven productivity nirvana.To cap it off, President Donald Trump’s unpredictability — trade, foreign relations, taxes and so on — is making life brutal for institutional pros paid to predict the market cycle. And the numbers show it: macro hedge funds are off to their worst start to a year in at least two decades.That confusion was on full display this week. As the US commander-

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