Digest | 1 April 2025
- Edward von der Schmidt
- Apr 1
- 3 min read
Updated: Apr 21
Sideways trading belied markets' collective anxiety in anticipation of Wednesday's "Liberation Day", which stands poised to disrupt the global trading order in the months ahead. Gold flirted with new highs and Treasuries rallied as the 10y yield plumbed three-month lows. Reports varied as to the possible paths forward, including "reciprocal" tariffs, a broad-based levy on all imports, and a more targeted flat-tax somewhere in between. Still, world leaders anticipated more draconian measures and outlined their intentions to respond. With trade war escalation feared, global PMIs reflected manufacturing weakness and concomitant price pressures. Peace in Ukraine remained a distant prospect.