UBS On-Air: Paul Donovan Daily Audio 'Fake news'
Financial markets swung wildly yesterday on apparently false reports of a 90-day halt to US trade taxes (except for China). The volatility highlights two problems. Erratic policymaking means stories of dramatic shifts in policy are credible. The move toward Schlesinger’s “imperial presidency” model means policy shifts depend on the whims of one person. These make fake news plausible, creating market volatility.