Highlights
• Renewal of tariff pause with China fails to lift markets
• Today’s CPI release will be key — especially the core index
• The downward BLS revisions to May and June payrolls aligned with other data
• Portfolio managers are increasingly long Emerging Market equities
Key Takeaways
• China Tariffs Paused Again: The TACO theme was renewed yesterday with President Trump extending the tariff pause on Chinese goods for… another 90 days. Whoever is doing the blinking, it certainly is not Xi Jinping. But this time, the TACO did not trigger a relief rally, as the major averages reversed course after a strong open.
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