Markets got a reprieve this week, as the administration seemed to back off the idea (which was supposedly never an idea) to fire Powell. There were also more statements about backing off on some of the tariffs already in place. Beyond that and more importantly, there seemed to be some progress on deals. We discussed the possibility last weekend in Dealpalooza. What we are hearing is that “term sheets” are being circulated. Fairly basic outlines of deals, similar to what China seemed to agree to during Trump 1.0, but failed to consummate or live up to. I am even hearing ... Deep Breaths – What’s Next?