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Jonathan Shapiro

As chaos reigns in the US, Porcelli warns of creaking labour market

Tom Porcelli built up a loyal following as RBC’s chief economist. He’s returned to Australia with a $US1.4 trillion manager and a bleak outlook for America.

Jonathan ShapiroSenior reporter
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In the United States, chaos reigns. There are riots on the streets of Los Angeles. President Donald Trump is feuding with his industrialist backer Elon Musk while businesses are fretting about tariffs and slowing their hiring decisions.

The bond market is anxious about bloated government spending and the sharemarket is complacent as global investors question their faith in US assets and the reserve status of the greenback.

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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
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    Original URL: https://www.afr.com/markets/debt-markets/as-chaos-reigns-in-the-us-porcelli-warns-of-creaking-labour-market-20250610-p5m68n