A rocky start to the week as the market looks on with unease at the latest Trump administration move against Fed independence, but the move could also be about this story reinforcing a wider pattern. Elsewhere, Merck is pursuing a giant acquisition, earnings season is set to kick off tomorrow and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Sign up for the webinar John will host with Chief Economist at CME Group Erik Norland on the outlook across markets - tomorrow at 1200 GMT.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to four hours from the time of the podcast release).

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Market complacency challenged by latest blitz of Trump administration moves

Saxo Market Call