What if Tariff inflation forces a stagflationary mix?
Sustained broad tariffs lift goods prices while crimping demand, producing a stagflation-lite backdrop that bids gold and pressures both bonds and equities.
how we built this number — every step
The class rate is measured from our dated, sourced event library (decade-normalized Poisson — the full table is public at base_rates.json). The variant’s share within its class is the analyst’s editorial call, published so you can audit it. A wider range means thinner precedent. Full recipe: methodology · scored at Reality Check.
The butterfly cascade
How this trigger trickles across markets, left → right — the root shock, its first‑order moves, then the ripple effects. Drag any node; tap a market for its real price history.
Resolution timeline — how this probability is moving
Our model's odds (gold) over time vs the crowd's (Polymarket, blue), from the past toward the 1–3 years horizon. Each dot is a real macro event that nudged the probability — green pushed it up, red pushed it down. Tap a dot for the source. The gold path is an illustrative reconstruction anchored to today's estimate — real dated events, not a live re-estimate history.
What it would mean
If this plays out, it is a risk-off shock. Sustained broad tariffs lift goods prices while crimping demand, producing a stagflation-lite backdrop that bids gold and pressures both bonds and equities. The trigger decomposes into signed root‑shocks — Gold ▲ · Inflation surprise ▲ · Recession signal ▲ · Risk appetite ▼ · Trade tension ▲ — which propagate through our causal graph to the markets below.
If it happens — the markets it would move
Biggest moves first. Projected moves are cascade-model priors; hist A–B% = what comparable past events actually did (measured abnormal returns), and model prior · unmeasured marks markets with no analogue backing yet. Tap any market for its price history.
| Market | Class | Projected move | |
|---|---|---|---|
| 1 | Nasdaq 100 NDXon Hyperliquid 📈 chart | Index | ▼ -2.4% hist -1.7–-0.72% · other way -0.56% (n=12) |
| 2 | Semiconductors SMHon Hyperliquid 📈 chart | Equity | ▼ -1.6% hist -1.14–+0.24% · other way +1.1% (n=12) |
| 3 | Tech sector XLK 📈 chart | Equity | ▼ -1.8% hist -1.13–-0.33% · other way -0.47% (n=12) |
| 4 | MicroStrategy MSTRon Hyperliquid 📈 chart | Equity | ▼ -1.8% hist -2.07–+1.79% · other way +31.9% (n=12) |
| 5 | Solana SOLon Hyperliquid 📈 chart | Crypto | ▼ -1.4% hist -2.58–+0.31% · other way -0.48% (n=12) |
| 6 | Nvidia NVDAon Hyperliquid 📈 chart | Equity | ▼ -1.4% hist -0.81–-0.47% · other way +2.18% (n=12) |
| 7 | Hyperliquid (HYPE) HYPEon Hyperliquid | Crypto | ▼ -1.2% model prior · unmeasured |
| 8 | TSMC TSMon Hyperliquid 📈 chart | Equity | ▼ -1.3% hist -0.89–-0.25% · other way +2.02% (n=12) |
| 9 | Ether ETHon Hyperliquid 📈 chart | Crypto | ▼ -1.1% hist -2.62–+0.36% · other way +4.46% (n=12) |
| 10 | Bitcoin BTCon Hyperliquid 📈 chart | Crypto | ▼ -1.0% hist -0.74–-0.04% · other way +7.54% (n=12) |
| 11 | AMD AMDon Hyperliquid 📈 chart | Equity | ▼ -1.1% hist -1.17–-0.09% · other way -1.86% (n=12) |
| 12 | Broadcom AVGOon Hyperliquid 📈 chart | Equity | ▼ -1.1% hist -1.49–+2.71% · other way -1.79% (n=12) |
| 13 | Micron MUon Hyperliquid 📈 chart | Equity | ▼ -1.1% hist -1.01–+1.03% · other way +4.47% (n=12) |
| 14 | Marvell MRVLon Hyperliquid 📈 chart | Equity | ▼ -1.1% hist -0.72–+0.35% · other way +1.54% (n=12) |
Probable recommendation
Historical precedent — what analogous events actually did
Across 40 analogous events (overlap‑weighted), as abnormal returns — market beta stripped, so it's the event's own effect, not the market backdrop. Shown at 20 days (persistent) and 5 days (immediate); ↺ fades = the two horizons disagree. Confidence = consistency × sample × significance.
| Asset | History says | Abnormal (20d · 5d) | Hit | n | Confidence | vs cascade |
|---|---|---|---|---|---|---|
| INTC INTC | SHORT | -2.1% · 5d -2.6% | 70% | 33 | 0.35 | ✓ matches cascade |
| BABA BABA | SHORT | -2.0% · 5d -2.5% | 68% | 30 | 0.32 | ✓ matches cascade |
| KWEB KWEB | SHORT | -3.2% · 5d -1.7% | 68% | 30 | 0.31 | ✓ matches cascade |
| CNY CNY | SHORT | -0.7% · 5d -0.3% | 62% | 31 | 0.22 | ✓ matches cascade |
| XCU XCU | SHORT | -0.5% · 5d -0.4% | 64% | 31 | 0.22 | ✓ matches cascade |
| 30y yield DGS30 | LONG | +9bp · 5d +5bp | 61% | 36 | 0.22 | ✓ matches cascade |
| JPM JPM | LONG | +1.9% · 5d +0.7% | 63% | 33 | 0.21 | ⚠ differs |
| XLF XLF | LONG | +1.2% · 5d +0.3% | 62% | 31 | 0.20 | ⚠ differs |
| AMD AMD | SHORT | -0.6% · 5d -0.2% | 63% | 33 | 0.19 | ✓ matches cascade |
| QCOM QCOM | SHORT | -2.7% · 5d -2.1% | 64% | 31 | 0.19 | ✓ matches cascade |
| AUD AUD | SHORT | -0.6% · 5d -0.2% | 62% | 31 | 0.19 | ✓ matches cascade |
| INR INR | SHORT | -0.4% · 5d +0.2% ↺ fades | 62% | 31 | 0.19 | ✓ matches cascade |
| ARM ARM | SHORT | -4.0% · 5d -6.6% | 64% | 23 | 0.19 | ✓ matches cascade |
| ETH ETH | SHORT | -1.9% · 5d -5.0% | 63% | 28 | 0.18 | ✓ matches cascade |