Is this not becoming exhausting? Tariffs on, delayed, on again, softened for autos/agriculture then all delayed again. Our sympathy goes out to the liquor store staff that have to keep removing and restocking the bourbon. It would appear the market is becoming exhausted as well, or at least fed up. Daily gyrations have clearly risen, just looking at how many +/-1% days we have experienced over the past few weeks. The bigger issue is the market reaction function appears to be changing. Early on during this tariff policy news barrage, tariff implementation news was bad while delays were good for markets. But the one-month delay for Canada and Mexico tariffs announced on March 6 elicited no bounce for oversold markets. This market appears to want more than delays to tariff uncertainties.

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