This August earned another gold star at upsetting an investor’s most popular month for family holidays. Four years ago, our family was in the south of France when China decided to revalue its currency lower. Equities promptly fell 11% in a week. While by now, almost 3 years into Trump’s term, investors have become accustomed to an unfortunate and growing ‘gloves off’ way of conduct, it was unsettling to read, this time while we were in the UK, NY Fed President Dudley’s suggestion that the FOMC shouldn’t cut rates just to spite Trump. While Dudley’s quickly retracted comment didn’t impact markets, it was symptomatic of how chaotic the macro ecosystem has become as traditionalists fight to stop the attempted single-handed rebalancing of world order.