$BTC The financial markets opened quietly this morning, with a rebound in stocks, stable bond yields, and oil regaining its footing.

These movements are based on a struggle between two main narratives, the first of which is currently dominant — namely:

Expectations of a less bumpy journey towards a more equitable trading system in which the United States obtains concessions from its trading partners in a world of generally low tariffs, and the markets receiving assistance from more flexible financial conditions as the Federal Reserve implements the four cuts currently indicated by traders.

Conversely,

There are more difficulties ahead as prolonged negotiations continue, with reciprocal tariffs dominating in the meantime, the Federal Reserve facing constraints due to rising inflation rates.