The Squeeze and the Rug Pull

Caution ahead of April 2...

Market outlook:

• Bond yields push higher, with 10-year jumping 5bps to 4.39% as investors digest auto tariff implications

• Goldman lifts year-end gold target to $3,300 as central banks increase purchases

• Big Three automakers drop 5% after hours as Trump signs 25% tariff on foreign-made vehicles; duties go into effect April 2

• JP Morgan slashes auto targets following Trump tariff announcement; cuts GM to $53 from $64 and Ford to $11 from $13

• Oil holds gains, with WTI hovering near $70 after the largest US inventory decline since December; stockpiles fell 3.34M barrels despite a bearish outlook from major traders

• Paychex CEO sees "no signs of recession" in company data despite small business concerns about tariffs; stock rises 4.2% following strong earnings results

• Brookings Institute urges Fed to develop emergency facility to address Treasury market risks; warns concentrated basis trades among fewer than 10 hedge funds exceed $1 trillion

• Archer-Daniels-Midland (ADM) cuts executive compensation fo…