BTCUSD Dollar is rallying again this morning and 10 year Treasury yield is nearing 5%. So sure bets like T-Bills are looking more attractive than high-priced stocks and a crypto market deep into a bull cycle.
Traders are betting fed rate cuts may be off the table until later this year to give time for the Trump tariff threats to play out. That is a big unknown on how economy will absorb.
However, if Trump regains control of Panama Canal or successfully uses the threat to do so as leverage to negotiate reduced passage fees for US bound ships, then tariff costs passed to US consumers may be offset by savings from lower Panama Canal fees on container laden ships. Lots of moving parts on the Trump chess board.