Silver Rises Over 120% YTD 
Treasury yields fell significantly Tuesday as markets reopened after the holiday weekend, reacting to President Trump’s unexpected delay in implementing promised import tariffs.
The 10-year yield dropped 5.6 basis points to 4.574%, while 30-year yields fell 5.9 basis points to 4.801%.
While Deutsche Bank’s Jim Reid suggests Trump might use tariffs as negotiating leverage rather than immediate policy, Capital Economics maintains that significant tariffs are still likely by Q2 2025, including a possible 10% universal tariff and 60% tariff on Chinese imports. This conflicting outlook suggests ongoing market uncertainty about Trump’s trade policy implementation, despite the initial relief rally.
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