Monday Macro – more observations after a quieter week

Beware the 30-year Treasury yield. Plus Coinbase comes of age.

Following Monday’s announcement of a 90-day pause on reciprocal tariffs between the US and China, the response from the US equity markets has been, as expected, positive! The S&P 500 is up just under 2% over the week (currently just under 6000), and year-to-date returns have returned to positive territory after Liberation Day drove steep declines in Apr…