“It is a confusion of ideas to suppose that the economical use of fuel is equivalent to diminished consumption. The very contrary is the truth.”
– William Stanley Jevons
Market commentary
The big talking points in January were Tariffs DeepSeek, and DOGE, Elon Musk’s new ‘Department of Government Efficiency’.
Within markets there were winners and losers on the back of the expected impact of each. Broadly, Tariffs were considered inflationary, and we saw the US 10 year move higher and the equity market had a hiccup, before both recovered. The counter argument to the inflationary thesis is that this will be a one off price change and in 12 months’ time we will have already lapped their implementation.