Trump Tariff Roulette Sparks Surge in Stocks, Crypto, & Crude; Bonds & Bullion Sold

Over the weekend, we heard that Trump's tariffs and the so-called "Liberation Day' on April 2nd that is looming ever larger could be more focused than broad... and that was all the market needed for a squeeze fest higher.

On the macro side, it was mixed - very strong CFNAI jump (driven by production), while Services PMI rebounded as Manufacturing PMI slipped into contraction with prices rising for both - that sent Treasury yields higher (up 7-9bps across the curve - a sizable jump), erasing all the gains (lower yields) post-FOMC...