Late Day Volatility on Tariff Speech

The long-awaited tariff speech took markets for a ride in both directions this afternoon. After the dust settled, the net effect was "buy bonds, sell stocks." Notably, that was a sharp departure from the initial net effect during the early part of Trump's speech. The ultimately friendly result was enough to get Treasuries back into positive territory and for MBS to get sorta close.  In the bigger picture, the volatility didn't really matter as both stocks and bonds remained in the same old ranges.