Reciprocal tariff rates and new sector-based levies bring back protectionist push.

A discussion of key themes in the week ahead.

In contrast to sluggish equities trading, Treasuries rallied on Wednesday as unexpectedly weak domestic data fanned optimism for Fed accommodation. The dollar weakened notwithstanding an anticipated ECB rate cut on Thursday. Ceasefires in Ukraine and Gaza did not appear any closer while ongoing trade negotiations did not yield any breakthroughs. CBO estimates figured heavily in legislative narratives on Capitol Hill. The Fed's Beige Book signaled slowing growth and labor mark

With global equity indices approaching all-time highs, relatively calm markets belied diplomatic, policy, and economic uncertainty ahead of crucial meetings and data releases this week. Restrictive trade measures presented global headwinds and prompted reduced OECD growth forecasts. Middle East instability and a precarious path forward for Ukraine highlighted geopolitical risks. While the Senate contended with an Independence Day target for passing President Trump's 'Big Beau

Geopolitical headlines dominated otherwise quiet trading Monday. Ukraine's sophisticated attack targeting Russian strategic bombers over the weekend changed the calculus of peace talks as entrenched negotiating positions beckoned presidential dialogue. In Europe, Polish elections raised challenges for the EU while the Netherlands governing coalition collapsed. US officials eyed a Trump-Xi call to resolve trade tensions over rare earths and semiconductors after security rhetor

Equities registered modest gains amid quiet trading on Thursday. An appeals court upheld reciprocal tariffs - for now - and the US administration sought potential workarounds to reinforce President Trump's signature economic initiative. While US-China trade talks, US-Iran nuclear negotiations, and Russia-Ukraine dialogue stalled, a US proposal for a 60-day ceasefire in Gaza gained momentum. Fed officials highlighted the importance of tariffs (or lack thereof) in determining t

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

A deescalation of trade hostilities bolstered equity indices on Tuesday as US markets reopened; the S&P 500 rallied 2.1%. Meanwhile, gold lingered near two-week highs and Treasury yields settled lower as longer-dated sovereign debt stabilized. Trade diplomacy took center stage and contributed to resurgent consumer confidence in the US as a ceasefire in Ukraine remained out of reach. With the Senate deliberating changes to budget legislation passed by the House, major technolo

A modest equity retreat accompanied a global bond selloff on Thursday. House passage of tax and spending legislation amplified deficit concerns that have lifted 30-year yields above 5% and pivoted attention toward the Senate. A G7 finance communique highlighted areas of diplomatic agreement with key trade talks scheduled on Friday along with a mediated discussion in Rome between the US and Iran. The Supreme Court appeared prepared to carve out special protections for the Fede