It is like we are in a game of chicken with tariffs. We are just moments from the moment of impact. Who will flinch? If you were convinced that the hard bargaining one-on-one tactic for tariffs was just talk, think again.
The market came back significantly today given the jobs number, but I wouldn't hold my breath. Most everything was up, so the drivers were clearly macro. While the economic metrics are generally ‘full steam ahead”, remember that the market leads the economy.
