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Copper continues to charge higher (bad news for the U.S. economy), and the dollar is losing its luster.

Market outlook:

• Treasury rally extends with 10-year yield dropping to 4.21% as bond traders increase 2025 rate cut expectations

• Oil erases early gains as market weighs conflicting signals; Trump's tariff push threatens demand while OPEC+ prepares to increase output.

• Starting in April, the Fed slowed Treasury portfolio runoff from $25B to $5B monthly to help ease financial conditions ahead of debt ceiling negotiations.

• Swiss National Bank cuts interest rate by 25bps, lowest since September 2022; officials signal probability of additional easing amid "significantly increased" global uncertainty.

• Energy Transfer (ET) awarded $660M in damages after the jury found Greenpeace liable for the Dakota Access Pipeline protests; the environmental group vows to appeal the verdict.

• The White House announced that Trump will sign an executive order dismantling the Education Department today, citing a lack of achievement as justification.

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The thing that’s been incredibly difficult about this envi…