Despite impressive ongoing resilience at the index level, Goldman partner and managing director, Mark Wilson, felt like this was the week that markets began to react to the unusually high policy uncertainty that has accompanied the initial period of the new Trump term. 

Given the velocity of headlines & policy uncertainty that has been injected into the system, it’s tricky to try and precisely decipher cause & effect, but with the backdrop of the bilateral US / Russia meeting in Saudi mid-week we saw a series of market pain-trades roil investors: