100 Days In: Trump’s ‘Strategic Uncertainty’ on Tariffs Leaves Markets Guessing

Over 600 tons of gold (nearly 20 million ounces) has flooded into New York City vaults since December as traders rush to stockpile the precious metal ahead of Donald Trump’s impending tariffs. Initially targeting Canada and Mexico with 25% tariffs set to take effect next week, market fears have expanded to potential broader tariffs affecting other major gold hubs like the UK and Switzerland. This unprecedented movement has created what experts call a “glut of gold” in New York, disrupting normal supply chains and driving U.S. gold futures to outpace international counterparts.

The housing market is experiencing significant disruption with over 41,000 U.S. home-purchase agreements falling through in January, representing 14.3% of homes under contract – the highest cancellation rate for this season on record. This shift is driven by three key factors: First, housing inventory has reached its highest level since 2020 while pending sales hit record lows, giving buyers leverage to back out during inspections when better options appear. Second, economic uncertainty from tariffs, layoffs, and policy changes is causing hesitation among both buyers and sellers. Third, the combination of high mortgage rates (which hit an eight-month high of 6.96%

Inflation rose 2.5% in January according to the PCE index, which is the measurement the Federal Reserve watches most closely. This matched what economists expected. While inflation has fallen significantly from its 9% peak in mid-2022, it’s still higher than the Fed’s 2% goal. Another inflation measure, the Consumer Price Index, showed prices rising at 3% in January. Economists note that these persistent inflation figures validate the Federal Reserve’s decision in January to hold off on further interest rate cuts. Consumer sentiment is deteriorating amid these economic pressures, with a CBS News poll revealing most Americans feel their incomes aren’t