Digest | 28 May 2025
- Edward von der Schmidt
- May 29
- 4 min read
Notwithstanding a down day for the S&P, technology earnings upside and a seismic court ruling that invalidated emergency tariff orders lifted risk assets and the dollar after Wednesday's close. While Sino-American tensions simmered, Germany's public support for Ukraine drew attention to its increasingly prominent NATO role as Russia proposed another round of direct talks in Turkey and President Trump eschewed sanctions. Indirect nuclear bargaining continued between the US and Iran. With several Fed speaking engagements due Thursday (along with revisions to 1Q GDP estimates), the May FOMC meeting minutes highlighted increased uncertainty and competing outlook risks that were likely to keep the Fed on hold.