The new year presents a variety of new risks. Some are well-publicized, such as the impact of President-elect Donald Trump’s plans to impose steep tariffs on imports. Others are less discussed, such as higher bond yields. According to Barry Knapp at Ironsides Macroeconomics, that won’t just be down to faster-than-expected inflation or Federal Reserve interest rates. It’s also down to the Fed selling down past Treasury holdings, as well as worries about the U.S. government budget.
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