William Blair macro analyst Richard de Chazal was quoted in a U.S. News & World Report story focused on February’s employment numbers and the actions of the Trump administration related to government employees and spending.

“Global policymakers, households, the corporate sector, and financial market participants are now waking up to the fact that President Trump was not engaging in hyperbole when he promised he was about to undertake a reordering of the global financial system,” de Chazal wrote in his note to investors that was cited by the publication.