Jesus answered, Verily, verily, I say unto thee, Except a man be born of water and of the Spirit, he cannot enter into the kingdom of God. That which is born of the flesh is flesh; and that which is born of the Spirit is spirit. Marvel not that I said unto thee, Ye must be born again. John 3:5-7

Thought Markets Were Volatile in the First Half? Watch Out.

Stocks have rebounded, but the dollar is in a deep slump. Here’s what could go right (and very wrong) for investors.

Thought Markets Were Volatile in the First Half? Watch Out.  at george magazine
Karoline Leavitt, the White House press secretary, showed off President Trump’s latest broadside against Jay Powell and his colleagues at the Fed.Andrew Caballero-Reynolds/Agence France-Presse — Getty Images

Andrew here. The second of half of the year begins today, and we go deep on where markets could lead, especially given all the turmoil in Washington.

The other big story of the morning is that Apple is reportedly considering the use of OpenAI’s or Anthropic’s large language models to power Siri. This could be a turning point for Apple but also for the A.I. race. One question we have: Would OpenAI’s ChatGPT lose users — and effectiveness, given the more the chatbot is used, the better it gets — if Apple beefed up Siri by going with Anthropic?

It has been a Jekyll-and-Hyde start to 2025. Analysts and investors are bracing for more drama in the second half.

S&P 500 futures point to a weak opening on Tuesday, but the benchmark index is on a winning streak, having closed on Monday at another record. But the dollar has had its worst start to the year in more than a half-century as some investors sweat a possible return of the “sell America” trade instigated by President Trump’s trade war.

Amid this split screen, Trump has stepped up his attacks on the Fed and its chair, Jay Powell. The threat to the central bank’s independence could jolt global investors’ nerves.

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