A Threat, a Phone, a Reprieve (Sound Familiar?)
Once again, Trump withdraws his latest tariff threat…
Highlights
• Once again, Trump withdraws his latest tariff threat…
• … sending equity futures higher as usual
• The DXY dollar index continues to slide
• Bitcoin rally fueled by flows, politics, and tech correlation
Key Takeaways
• The Tariff Pause Cycle Continues: We have heard this song many times before. The President issues an aggressive tariff threat. Markets sell off sharply. Then a phone call takes place (this time with European Commission President Ursula von der Leyen). A reprieve is given. And the markets bounce back smartly. Wash, rinse, repeat. The question is at what point credibility is lost. I suppose we shall find out on July 9th.
