Nobody Knows (Yet Again)

In his latest memo, Howard discusses how the recent events
surrounding tariffs can have a seismic but unpredictable impact
on the global economy.  Seismic in that they reflect a
fundamental undoing of longstanding norms, and unpredictable in
that tariffs would bring untold second- and third-order
consequences.  He emphasizes that there is no foreknowledge
here, with forecasts even less likely to be accurate than
usual.  Howard considers the response of the financial
markets, highlighting the key question regards the
appropriateness of the market reaction thus far: has it been just
right, excessive, or inadequate?


You can read the memo here
(https://www.oaktreecapital.com/insights/memo/nobody-knows-yet-again).