The U.S. stock market has experienced a significant downturn, with the Nasdaq falling 2.6% recently and now sitting below its pre-Trump election level. This decline has been influenced by new tariffs on goods from Mexico, Canada, and China. Amidst this economic turbulence, Treasury yields have notably decreased. The 10-year Treasury yield has dropped from 4.80% to 4.13% since Trump’s inauguration. Market expectations for Federal Reserve rate cuts have also shifted, with the odds of at least one rate cut by May rising to 47% from 26% a week ago, and the chances of two or more cuts by June increasing to 36% from 15%. These developments could potentially benefit the crypto market, although the economy is not yet in a state to revert to quantitative easing. Inflation remains a concern, currently at 3% year-over-year, complicating the Fed’s efforts to balance economic growth and inflation control.
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