Recall that Trump sent out a bunch of letters over the weekend, jacking up Tariffs. *TRUMP TO IMPOSE 35% TARIFF ON GOODS FROM CANADA *TRUMP SET TO KEEP TARIFF EXEMPTION FOR USMCA GOODS: US OFFICIAL *TRUMP SAYS US WILL IMPOSE 30% TARIFFS ON EU, MEXICO FROM AUG. 1 As I write ... The S&P is down 5 points or down 9 basis points. The 10-year yield is up less than 1 basis point. In other words, there is effectively no market reaction to the tariffs, Trump won. He does not have to TACO. Canada, Mexico, and the EU, to quote a Trumpism, don't have any cards to play. What POTENTIALLY changes this is a giant tariff-driven beat in tomorrow's CPI?