A lot has changed since a month ago when we asked Trade War or Pivot? At the time we were looking for the administration to pivot away from trade wars to focus on other issues more in their direct control. That was followed by Dealpalooza and Deep Breaths. While the deals didn’t really materialize, there was an overall “calming” of the noise out of D.C. There was less focus on trade (though tariffs were still a daily issue) and things like Budget 2026 started to compete for attention. Finally, on Monday, we saw the Trump Put is Back! Not only ... The Pivot – It Is Real And Positive