3月25日，白宫经济顾问委员会主席Stephen Miran在节目中接受采访表示，Source: Wall Street Journal.
Stephen Miran stated that the "Mar-a-Lago Agreement" is merely an "alternative catalog," akin to a "cookbook," providing and evaluating various "recipes," while President Trump is the real "chef," and currently, the President seems to be more focused on tariff policies.
Stephen Miran discusses Trump's economic policy blueprint: the currency intervention plan of the "Mar-a-Lago Agreement" may be shelved, and tariff policy is currently the focus.
On March 25, Stephen Miran, chairman of the White House Council of Economic Advisers, stated in an interview on the program that the "Mar-a-Lago Agreement" is just an "alternative catalog," equivalent to a "recipe," providing and evaluating various "preparation methods," while President Trump is the real "chef":
"(This report) is a cookbook, and I am trying to assess whether the various preparation methods are useful or not, and whether they are easy or difficult."
"The purpose of writing this paper is to evaluate various options so that a cost-benefit analysis of risks and returns can be done, providing insights no matter who is making the decision."
He added:
"If anyone thinks that what I listed in the report represents the current policy agenda, then I think that is a misconception."
When asked whether the "Mar-a-Lago Agreement" is being prepared, Miran indirectly expressed:
"The President has always been very clear that he is concerned about reciprocal tariffs, which is the direction the team is working towards."
When pressed on whether reaching a currency agreement is a goal for 2026, Miran responded that the USA has long had a huge trade and current account deficit, which comes with a very high economic cost, especially for certain domestic regions reliant on manufacturing and exports, but now "it is starting with tariffs":
"The President has clearly stated that he wants to start with tariffs, and that is what we are doing now."
"What is the ‘Mar-a-Lago Agreement’ that Wall Street is buzzing about?"
The concept of the "Mar-a-Lago Agreement" can be traced back to a report released by the current Chairman of the White House Council of Economic Advisers, Stephen Miran, in November of last year, entitled "A User’s Guide to Restructuring the Global Trading System."
At that time, Miran, as a senior strategist at the hedge fund Hudson Bay Capital Management LP, elaborated in this report on the potential plans that the Trump administration might adopt for restructuring the global trading system, including tariff strategies, monetary policies, and their potential impacts on financial markets.
Miran served as a senior economic policy advisor at the US Treasury during Trump's first term. Just a month after the report was released, he was nominated by Trump as the chairman of the White House Council of Economic Advisors.
The famous research institution Bianco Research founder Jim Bianco recently convened a webinar for clients to discuss this topic. In the approximately one-hour meeting, Bianco emphasized: "The 'Mar-a-Lago Agreement' is not actually a specific thing, but a concept. It is a plan to restructure part of the financial system."
Compared to the Plaza Accord, Bianco believes the core of the 'Mar-a-Lago Agreement' is broader, involving not only the devaluation of the USD but also possibly debt restructuring, the establishment of sovereign wealth funds, and the reallocation of defense spending among other measures.
Although Bianco does not believe the Agreement will be realized in the near term or in the future, he clearly stated that Trump's team is very likely to completely restructure the global financial order in the next four years, and Wall Street needs to be prepared.
Editor/jayden
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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