Tariff Trouble

Stocks slid sharply on Friday following news that tariffs on an additional $200 billion in Chinese goods would be announced today.  We got the usual V-shaped recovery by the close; but, futures are still a few points in the red this morning.

The biggest impact, so far, has been on rates.  The 10Y popped through its triangle and is testing an important channel top while topping 3%.

The 2Y is keeping pace.

DXY is trying mightily to hold the line, but it’s looking iffy.

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