S&P futures and TSX are pointing down. US 2-year yield stays at 3.8% and 10-year yield climbing 4 bps to 4.4%. Gold settles up 2% and WTI Crude down 1.6%. Treasuries were weaker with some curve steepening, dollar index was little changed. Asia markets are mixed today. More scrutiny is on waning US exceptionalism symbolized by dollar's ongoing retreat. Bearish dollar narrative is broadening beyond tariffs to concerns about Fed's independence. Tariff headline volatility continued as President Trump on Truth Social listed eight categories that would qualify as non-tariff barriers. Japan markets are particularly sensitive to currency manipulation which was at the top of the list. Yen strengthened to a seven-month high amid growing expectations the topic will come up during the meeting between Finance Minister Kato and Treasury Secretary Bessent on the side-lines of this week's Washington G20 meeting of finance minister and central bank governors.

Companies mentioned: Tesla, Alphabet, Ford Motor