Tariff Uncertainties, Part 3: The Bond Markets

1. Treasury market turmoil linked to tariffs wasn't as impactful as perceived. 2. The bond market's behavior is more connected to Fed policies than tariffs. 3. Historic yield curve inversion persisted without predicting a recession. 4. Market volatility spiked significantly, causing concern over liquidity and stability. 5. Tariff impacts remain small relative to the vast scale of the Treasury market.