00:00 Speaker A
Andrew Graham joins me now. He is the managing partner at Jackson Square Capital. Andrew, it’s great to see you. So let’s let’s just start right there.
00:08 Speaker A
Uh, Supreme Court weighs in, they strike down Trump tariffs. Uh, what does it mean for the market? How are you trying to think through this?
00:15 Andrew Graham
I think it’s probably going to be less volatility, fewer tape bombs. We’re not going to be able to use tariffs anymore as a negotiating tool. I think that’s the the intent anyway. and if you’re going to have less of these, hey, there’s 50% tariff on some country or something like that, I think it’ll probably uh reduce some of the uncertainty around the headlines regarding tariffs and it’s a net positive.
00:36 Speaker A
Did you see or hear anything today, Andrew that that caused you to say, okay, I need to I need to rethink how and where I’m putting money to work.
00:46 Andrew Graham
No, I mean there’s levels that you’re looking for in the dollar and the DXY index and in the US dollar index and and so far they’re maintaining levels that above, you know, 9720 in the DXY is an important level. If we can hover around that range, I think that that all is well there. In terms of bond yields, you know, we were multi-month lows for 10-year yields and just bouncing around there.
01:10 Andrew Graham
So, no, I think everything’s pretty kosher going forward. We feel comfortable enough with the outlook.
01:16 Speaker A
Did does it does it introduce though Andrew some new degree of policy uncertainty? Only only in the sense that tariffs, I don’t even remember Andrew the last time, honestly, someone sat in your chair and even mentioned tariffs to me. They were like rear view mirror, but now you got the decision, you heard Trump
01:38 Speaker A
at the press conference, not happy. It’s disgrace, he said. He doesn’t sound like he’s backing down. He’s now talking about finding other levers to pull. Do you reintroduce that? I guess is my question.
01:50 Andrew Graham
I hope not. I I don’t think so. No. I think it goes away in fairly short order. We know the path forward. You’re going to have 10% tariff for 150 days or whatever it is, and then you’re going to have the introduction of the new tariff roughly the 15% level. I think all that is kind of in the cards. I mean, we expected the Supreme Court to rule this way. They did. Today’s the day you’re feeling it, but as we move forward, I don’t suspect it’s going to be as big of a headline as it was say a year ago.