When the US Administration announced a new set of tariffs in April this year, it caused a spike in financial market volatility while testing stretched market valuations. Although expectations for tariff rates have eased somewhat since then, the repercussions of the shock continue to reverberate and the risks of an economic slowdown have increased markedly. Financial markets across the globe sold off at an unsettling speed in early April and financial conditions tightened considerably. While risky assets have been recovering their losses since temporary tariff pauses were announced, markets remain highly sensitive to ... (full story)