What Just Happened? Goldman, JPM Trading Desks Explore Today's Record Market Eruption

Several quick and visual observations from Goldman head trader John Flood and JPM's Market Intel desk chief Andrew Tyler.

Bottom line: The President paused the higher reciprocal tariff rates for 90 days on all countries aside from China (the cumulative tariff on China is being increased to 125%, effective immediately). The 10% blanket tariff remains in effect for everyone. This was the potential off ramp traders have been looking for (and which we warned would spark an epic rally, see "Exhausted Goldman Traders Warn "Any Positive Headlines Are Met With Explosive Reactions"). WSJ's Nick Timiraos writes "Where things stand, one week after Liberation Day"