Trouble Builds Again

A head fake... but why?

Market outlook:

• Treasury yields fall with 10-year at 4.33%; curve steepens as 5-30 year spread widens to 63bps, largest gap since 2022

• Oil heads for third weekly gain with WTI at $70 as markets brace for next week's tariff implementation

• Gold futures climb to $3,114, marking the 17th record this year, as Trump's trade policies fuel demand for safe havens

• Congressional Budget Office forecasts $36.2 trillion debt growing to $57.3 trillion by 2034; study warns Trump tax plans could add $7.8 trillion to deficit

• Stellantis (STLA) announces voluntary buyouts with packages up to $72,000; program running through May 8 as the automaker prepares for "very dynamic market."

• AI cloud provider CoreWeave (CRWV) prices IPO lower-than-expected at $40 per share; Nvidia reportedly targeting $250M stake as the company faces volatile market

• Musk targets $1 trillion in government spending cuts by May through the DOGE initiative; ambitious plan represents 15% of the annual federal budget; current savings $130B

Dear…