If you are in any way interested in precious metals,  you need to see what today's video sponsor, Monetary Metals, is doing with them at the link below:
 http://www.monetary-metals.com/Snider/

Re-risking accelerated on Wall Street and for many other markets; even bond yields rose. The thinking is if trade wars broke everything, then trade deals fix it. However, the US and China don't have one, And that's only the first of several key misimpressions - starting with the 2018 example. Like then, the incoming data doesn't align with "trade wars broke it."

Eurodollar University's Money & Macro Analysis

Joint Statement on U.S.-China Economic and Trade Meeting in Geneva
https://www.whitehouse.gov/briefings-statements/2025/05/joint-statement-on-u-s-china-economic-and-trade-meeting-in-geneva/

Bloomberg US, China to Slash Tariffs During 90-Day Reprieve for Talks
https://www.bloomberg.com/news/articles/2025-05-12/us-and-china-agree-to-major-reductions-in-tariffs-for-90-days

Bloomberg Japan Rules Out Trade Deal With US That Excludes Auto Tariffs
https://www.bloomberg.com/news/articles/2025-05-12/japan-s-ishiba-says-won-t-do-trade-deal-with-us-excluding-autos

SCMP China’s consumer prices fall in April, fuelling fears of deflation
https://www.scmp.com/economy/economic-indicators/article/3309834/chinas-consumer-prices-fall-april-fuelling-fears-deflation

https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU