Powell will likely serve out his remaining term as Fed chair (another 12 months) because it gives Trump a perfect scapegoat if the economy slows due to tariffs, whereas replacing Powell immediately would make any subsequent slowdown Trump's responsibility.

China has achieved cheaper electricity costs than the US following investments in nuclear, alternative energy, LNG plants, and coal plants, reversing the US's previous advantage from the shale revolution over the past 10-15 years.

Being short the Canadian dollar has been a hedge fund favorite trade, but it is very dangerous because it bets that Carney won't succeed in building infrastructure, which Vaudan estimates has odds greater than 50/50 in Carney's favor.

The DXY (US dollar index) is down approximately 10% this year and is structurally overvalued by about 20%, so the trend is clearly down even though specific price forecasts are unreliable.