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Consultant warns tariffs, yield-curve shifts could weaken small businesses; recommends cautious repositioning
Summary
Investment consultant David West told the Winter Springs trustees that tariffs and recent labor-market revisions have reshaped the yield curve and reduced short-term money-market opportunities, and recommended moving short-term cash and bond positions into a diversified income fund to better navigate several scenarios.
David West, the board’s investment consultant, opened the meeting’s market briefing by saying tariffs and subsequent policy uncertainty have been a dominant market driver. “The average tariff right now is right around 16%,” West said, adding that, in his view, the Port of Los Angeles had reported tariff-related revenue on the order of "almost 1000000000000 dollars." He told trustees the market has shown signs of front-running and positioning that could mask underlying flows until later quarters.
West cited a recent labor-market report and related downward revisions to employment as the proximate cause of a sharp decline…
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