Markets are deluged in noise as the President remakes the world. We’re learning to roll with it – but the trick will be to spot the opportunities and gaps that will open. President Trump’s recent demands that US banks and lenders follow his orders is one such opportunity – and may crash a critical component of the US economy’s success.

Markets feel increasingly nervous. Although someone has cranked up the party music to 11, and the euphoria is still pouring, concerns about banking and loan exposures are rising. If there is a wobble, then it’s likely to be leverage on leverage that sees a bunch of private credit lenders in trouble.