The bond market is fighting Trump: Despite countless efforts to calm yields, they keep rising. The 10Y Note Yield is now up +35 bps in May alone, back at 4.50%. As trade deals are announced, rate cuts are being priced out, giving Powell more of a reason to not cut rates. Again, we believe the bond market is Trump’s top economic priority here. Rates are nearly 100 bps ABOVE pre-Fed pivot levels.