Investors awaiting the G-20 meeting miss a key point: The damage from U.S.-China trade war may be done already

U.S. stocks, bonds, gold and oil are all rallying together this week, sustained by the Federal Reserve reassurance that it may lower interest rates soon to help offset the “cross currents” in the global economy generated by the Trump administration’s erratic trade policy.

But the rally may now be dependent on the outcome of this week’s G-20 leaders meeting in Japan, where it is hoped another truce in President Donald Trump’s trade war with China will assuage all fears, but investors may be missing the bigger picture.

U.S. stocks rallied to new records last week after the Federal Reserve’s suggestion, repeated by Fed Chairman Jerome Powell as recently as Tuesday, that easier monetary policy may be on the horizon.

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