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  "notes": "The slide introduces the concept of a 'Trump-put' in relation to market reactions to trade policy.",
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      "text": "In our view, President Trump will pay close attention to market reactions to new policy and rhetoric and may act accordingly. As such, in the same way we think about a Fed-put, we should also consider the implications of a Trump-put.",
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      "text": "With President Trump’s inauguration on January 20th, trade policy uncertainty has returned to levels last witnessed during the escalation of U.S./China trade tensions between 2018 and 2020.",
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      "text": "Source: Bloomberg, MSIM. As of December 31, 2024.",
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