MARKET MOVES
05/14/2025 |
The good news, the S&P 500, which was briefly in bear market territory on “Liberation Day” has made up all losses. Unfortunately, the bond market hasn’t rallied. The 10-year Treasury is 4.5%, where it was a month ago. Is it recession fears fading, and/or tariff-induced inflation expectations rising? Whatever the reason, with rates this high, proposed congressional tax cuts without larger spending cuts are going to be very expensive.