It looks like around 10 hours ago, there was a post on Truth Social from the president’s account. Markets overnight didn’t react to the post immediately, but I think it is one reason why we are seeing any post-FOMC gains erased. S&P futures were in the 5,640-5,660 range immediately prior to the FOMC’s 2:00pm ET release. They traded as high as 5,720 and are now all the way back to that 5,640-5,660 range. In yesterday’s post FOMC report we argued that one reason for the rally in stocks was because we saw another day without bombastic tariff headlines. Maybe this ... “Liberation” Day