Trump is gloating from the recent trade deal (if you could call that a deal) with nothing written on paper and adding the fact none of this deal addresses the core issues of the trade conflict. Markets have whip lashed on trade news between the US and China and the threat of ever-escalating tariffs for nearly 2 years now. There are definite signs that the US economy is slowing, from weakening consumer sentiment to disappointing manufacturing numbers. And the US Treasury yield curve, a trusted indicator that’s preceded every economic meltdown since 1950 has been flashing red since May. Uncertainties from the trade war, global dollar shortage, and weak manufacturing data are all threatening an index that’s trading close to all-time highs.The liquidity crisis started to rear its ugly head in September when interest rates in the repo market suddenly surged. The Federal Reserve had to step in and offer funding to keep the overnight lending market stable. What was supposed to be a quick fix has turned into a long-term intervention as the New York Fed announced that it will extend its operations into the rest of this year. We fully expect the Fed put and the Trump put to stabilize and rally the market despite the worsening macro issues.