The long-term uptrend for international equities remains intact as well, both in USD and local currency terms. The momentum curves continue to converge, suggesting that the mean-reversion could continue. The leadership inside the US may be narrow, but there is a global bull market going on.
Treasury security trading volumes haven’t kept pace with the growth of outstanding stock of the securities, which basically they trade like that because that’s what they are now.
Tariffs at the current levels are a much bigger impact than the next 50 basis point move by the Fed, yet the latter gets as much if not more attention around here.