What happened last week?

Last week, US Treasury yields rose significantly; the 10-year 50 basis points, and the 2-year 31 basis points. While not unprecedented amounts (the 2-year moved this much over 5 business days last October, and the 10-year in 2022), what is nearly unheard of is that…

Catalyst, not the cause

The Trump administration’s tariff announcement yesterday was important because of the high levels that will be implemented but just as much for the resolve demonstrated in Trump’s speech. Tariffs represent a vision Trump has had for a long time. Yesterday he said, But I tell…