Tariff Triumph

Tariffs win again:

The Dow jumped 5.9 percent, the S&P 500 rose 7.3 percent, and the Nasdaq soared 8.9 percent, capping a dramatic rebound from a week of steep losses triggered by spiking bond yields and escalating global tariffs. The spark? A remarkably strong $39 billion auction of 10-year Treasury notes. The bonds sold at a yield of 4.435 percent, lower than expected, with a significant stop-through—a sign that investors were eager to buy even below prevailing market rates. Foreign buyers, classified as “indirect bidders,” scooped up 88 percent of their allocation, far exceeding historical norms. Analysts characterized the auction as “very strong.” At the same time, Donald Trump said on social media that he would pause tariff hikes for 90 days on countries that were not retaliating against the U.S. tariffs announced last week. The 10 percent baseline tariff will remain.

The art of the tariff deal...