Equities are clearly happy, a Maybe the idea isnd some commentators tell us it’s because a tariff apocalypse has been averted. In the game of chicken that markets had been following with ill-concealed horror, perhaps the real winner was common sense, although equity investors are a close second. that the macro impact of tariffs will be so insignificant that we will hardly notice the effects on either inflation or growth. In which case, equities are a steal and bonds are more of a “meh”. The problem with this view is that the long-end has traded terribly. Bond markets are unhappy. Not so much a case of “glass half-full” as “No soup for you bond investors!”