Last week, President Trump announced a new 10% “baseline” tariff on imports, along with country-specific tariffs set at roughly half the rates those countries charge on US exports. These sweeping new tariffs have created significant market uncertainty, as it remains unclear how other nations will respond.
In the short term, the announcement sparked a sharp sell off in stocks, with bonds (including mortgage-backed securities) benefiting from a flight to safety. Given the fluid nature of these ongoing market dynamics, I will continue to closely monitordevelopments in the days and weeks ahead.