The bond market will be the ultimate signal:



Over the last 2 weeks, treasury yields have silently pushed higher.

Soon, with the US-EU trade war resurfacing, we will see the bond market's initial reaction to the headlines.

As seen in April 2025, a sustained push higher in treasury yields is something the Trump Administration does not want to see.

If yields continue rising on the back of trade tensions, the bond market could be the signal of a potential pullback on tariffs by Trump.

The bond market has a lot of the market's answers.
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