It’s Safest to Call This a Temporary Ceasefire
US markets won’t know where to go until tariffs are settled. So look at Germany and Ghana.
Time to regroup.
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There is no peace in the trade conflict, but there is something that might be called a ceasefire. That permitted some degree of normality in Monday trading, with US stocks ticking up (without a full-throated relief rally), while 10-year Treasury yields looked a lot less yippy, dropping 12 basis points. But the most intriguing move came in Germany, where bund yields are back where they were on the morning of March 4: