by David Haggith
GoldSeek
The big-deal, China-deal stock rally didn’t last long, with the Dow falling recently (while the S&P and Nasdaq put out modest to decent gains). US Treasuries also climbed (intraday) back above the 4.5% level on the 10YR, which has, for a long time now, been the pressurized level at which stocks become troubled.
While Trump engages in an interesting Middle East tour that may bring significant changes over time, I’ll save that complex matter for the weekend Deeper Dive, unless other things come up in the meantime that become more important, and will simply take a look at our first real post-tariff glimpse of inflation.
There was no surprise here because I’ve been saying all along there is little chance of these high tariffs pricing through for consumers until summertime, because retailers will be reluctant to raise prices until existing inventories bought pre-tariffs run out.