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      Reciprocral tariffs...

      ...would mean very big changes for some countries.

      Reciprocral tariffs...
      Source: TS Lombard
      QE in March 500% higher than previous monthly record

      Net purchases for G-7 central banks were close to $1.4 trillion in March, close to five times higher than the previous peak of $270 billion in April 2009, according to Bloomberg Economics'

      QE in March 500% higher than previous monthly record
      Source: Bloomberg
      Bulls waking up, bears fading

      Relatively small changes in the latest AAII survey, but sentiment remains at rather extreme bearish levels.

      Bulls waking up, bears fading
      Source: Refinitiv
      Money on the sidelines tends to stay on the sidelines

      The following chart shows US retail money market fund balances from 1990 to the present (black line, left axis) and compares them to 1-year Treasury yields.

      "Many market commentators think of money market fund balances as capital that will migrate to stocks at some point (“dry powder” for a rally), but history shows this only happens when short term rates decline. With the Fed on hold for now and only expected to cut rates modestly this year (50 or maybe 75 basis points), it is hard to see this “sideline” capital getting into the game any time soon. " (Data Trek)

      Money on the sidelines tends to stay on the sidelines
      Source: DataTrek