Policy uncertainty rocked markets in April, and more recently easing policy pressures has enabled markets to materially recover. This highlights the danger of reacting to policy news, as it can change very quickly. Could it ratchet up again, for sure. Could it keep improving, yep. This is more a coin flip as a tweet or Truth Social post can change the environment quickly. Given the market recovery, it may be getting close to levels that are ignoring the risk of future uncertainty. The rollercoaster ride is not done yet.

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