In the September 2018 edition of EcoTV week, William de Vijlder and François Doux discuss on the protectionist threat which has been grabbing headlines but hasn’t stopped Wall Street from reaching new highs, supported by growth in earnings and the perception of a dovish Fed.

On the one hand, Wall Street’s record highs clearly show the role played by monetary policy and the Federal Reserve’s extremely cautious approach, which for market operators, has inspired a lot of confidence. Another major point is the very strong cyclical position of the US economy, which is driving earnings. The only sour note in this bullish market is that protectionist threats do not seem to have had an impact yet. That means that if the situation deteriorates, it could trigger an even bigger impact on Wall Street.

William de Vijlder

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