By The Shores Of Lake Geneva

Here is how US Treasury Secretary Scott Bessent characterized his negotiations with Chinese trade officials this past weekend: "We had very productive talks and I believe that the venue, here in Lake Geneva, added great equanimity to what was a very positive process." The US and China on Monday agreed to suspend most tariffs on each other's goods for 90 days. Stock prices soared on this news, confirming that the two countries did more than just talk about talking about trade negotiations. Bond yields also soared as fears that a trade war will cause a recession continue to recede. Oil prices jumped because the global economy is now also less likely to fall into a recession. The dollar index (DXY) also rose.

Yes, it was a lovely weekend in Geneva.