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Markets Jittery Ahead of “Liberation Day
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Markets Jittery Ahead of “Liberation Day

Trade uncertainty fuels a flight-to-safety in global markets

David Rosenberg's avatar
David Rosenberg
Mar 28, 2025
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Early Morning with Dave
Early Morning with Dave
Markets Jittery Ahead of “Liberation Day
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Highlights

• Trade uncertainty fuels a flight-to-safety in global markets

• Tariffs set to soar if tax cuts are to be achieved

• Lurking behind the trade war is a looming debt-ceiling fight

• The sticker shock of auto tariffs for consumers would be huge

Key Takeaways

• Risk-Off Sentiment Lifts Bonds and Gold: U.S. equity futures are in the red, Europe has opened with a -0.6% loss, and Asia closed lower right across the board. Bond markets across the planet are enjoying a bit of a rare flight-to-safety bid, with 10-year yields retreating by -5 basis points across Europe and by -4 basis points for both JGBs and Treasuries. Gold futures, meanwhile, are performing admirably (nearing the $3,100 per ounce level for the first time).

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