The bond market is fighting Trump:
Despite countless efforts to calm yields, they keep rising.
The 10Y Note Yield is now up +35 bps in May alone, back at 4.50%.
As trade deals are announced, rate cuts are being priced out, giving Powell more of a reason to not cut rates.… pic.twitter.com/7LCuywFqMK
— The Kobeissi Letter (@KobeissiLetter) May 13, 2025
U.S. collected an all-time high $16.3 Billion in Customs Duties last month pic.twitter.com/sF495EbrHt
— Barchart (@Barchart) May 13, 2025
The “backpedaling” on China has cut the odds of recession “back to below 50%” — but “we still see the risks skewed to the downside given the damage already done to confidence and the risks that the trade war and other US policies (fiscal, .. regulatory) are not as friendly as… pic.twitter.com/UVfRNQex0G
— Kalani o Māui (@MauiBoyMacro) May 14, 2025